The Dubai government has paid Islamic sukuk of about $1.1 billion, which it offered years ago to contribute to financing infrastructure projects, according to a statement by the government’s Public Debt Management Office, reported by the Emirates News Agency (WAM), yesterday, Monday.
According to the statement, Rashid Ali bin Aboud Al Falasi, Executive Director of the Public Debt Management Office, said that the strong performance of public revenues in the fiscal year 2022, resulting from the growth of the emirate's economy, contributed to supporting the government's drive to enhance the characteristics of the public debt portfolio by reducing financial obligations and financing costs. .
Dubai's economy is a major component of the UAE's economy, which is rich in oil, but seeks to increase the contribution of the non-oil private sector to the gross domestic product.
According to the statement, the Dubai government paid $750 million (2.8 billion dirhams) Islamic sukuk, issued on January 30, 2013. The government also paid an additional $300 million (1.1 billion dirhams) Islamic sukuk 4 years before its maturity date.
