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01-04-14

Dubai World to repay USD4.4 b loan in 2015

(MENAFN) Dubai World, the conglomerate at the center of the emirate"s debt crisis, plans to make its first big repayment in 2015, according to Arab News. Dubai World will repay the USD4.4 billion loan in May 2015, as scheduled, while other repayments will be paid early. Mohammed Al-Shaibani, CEO of sovereign wealth fund Investment Corp. of Dubai, said: "Around $280 million has already been paid ahead of maturity, and we will continue to do so." Dubai World faced obstacles during the emirate"s 2009 property market collapse and had to restructure USD25 billion of debt, of which about USD14.4 billion was owed to around 90 local and foreign banks.