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Dubai World pays US$8.2bn two years early to complete debt revamp

Dubai World pays $8.2bn

Dubai World made a final payment of US$8.2bn to creditors two years ahead of schedule, completing a debt restructuring that weighed on the emirate for almost a decade.

The government-owned conglomerate made the payment — due in September 2022 — using funds from asset sales, dividend payments and the delisting of port operator DP World, it said in a statement on Tuesday. The company has repaid US$18.9bn to creditors since 2011.

Dubai is tackling its debt pile as the emirate seeks to address the economic fallout of the coronavirus pandemic.

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