Dubai Holding Commercial Operations
Group LLC, a government-owned company that has $2.5 billion of
bonds maturing until 2017, said it repaid a 250-million Swiss
franc bond and is committed to meeting future obligations.
The bond matured on July 14, the real-estate and
hospitality company said in a statement to Nasdaq Dubai today.
“Dubai Holding Commercial Operations Group is committed to
meeting its financial obligations as and when they fall due,”
the company said.
Dubai Holding Commercial has four bonds maturing in the
next six years totaling $2.5 billion dollars, excluding
interest, according to data compiled by Bloomberg. It has a $500
million floating-rate note due February 2012, and a 10 billion
yen ($127 million) security due July 2013, the data show.
Dubai Holding LLC, the company’s parent, is one of the
emirate’s three state-owned holding companies that helped boost
the sheikhdom’s property and tourism industries as it sought to
become a regional business and leisure hub.
Dubai Holding Commercial, whose units include Dubai
Properties Group, hotel company Jumeirah Group LLC and TECOM
Investments LLC, returned to profit in 2010 as deliveries of
homes rose and impairment charges on property declined, the
company said on April 28.
The International Monetary Fund estimates that Dubai, which
doesn’t have a credit rating, and its government-owned companies
have amassed about $113 billion of debt, more than 130 percent
of gross domestic product. Of the $31.5 billion in debt the IMF
says will mature in 2011 and 2012, 76 percent is held by
government-related entities.
To contact the reporter on this story:
Stefania Bianchi in Dubai
sbianchi10@bloomberg.net.
To contact the editor responsible for this story:
Edward Evans at
Eevans3@bloomberg.net.