Dubai World expected to repay debt ahead of schedule

April 2, 2014 10:04 am

Mohammad al-Shaibani, chief executive of sovereign wealth fund Investment Corp of Dubai has said Dubai World, the conglomerate at the centre of the emirate’s debt crisis, has the means to make its first big repayment on time in 2015 and should pay off more debt ahead of schedule, Reuters has reported. Al-Shaibani, who is also a key figure in negotiating the emirate’s debt restructurings in recent years, said Dubai World would be able to meet a $4.4bn loan maturity in May 2015 and to make some other repayments early. “We have the means to pay off the first tranche of debt maturing in 2015 given the group’s precise and successful asset disposable plan,” Shaibani said.