DUBAI, United Arab Emirates (AP) — A Dubai state-run investment company says it has lined up new financing to help it repay in full $1.25 billion in debt due this month.
DIFC Investments said Monday that a group of lenders including Standard Chartered Bank arranged $1.04 billion in new funds to help cover the maturing debt.
The company is an arm of the Dubai International Financial Center Authority, which runs the emirate's banking office complex.
Dubai's ability to manage the debt and that of the state-run Jebel Ali Free Zone were seen as key tests of the indebted city-state's financial health this year. JAFZ last month said it has received sufficient support from lenders to repay $2 billion early as part of a broader refinancing effort.
Severe credit problems plunged Dubai into financial crisis in 2009.
- Standard Chartered Bank
- United Arab Emirates