UAE: The Investment Corporation of Dubai (ICD) has announced that it will pay its US$4 billion debt maturing on the 21st August 2011.
The repayment will comprise US$1.5 billion in Islamic financing and US$2.5 billion in conventional debt using cash dividends received from ICD’s operating subsidiaries.
The US$4 billion debt is a three-year tranche that is part of a US$6 billion deal signed in 2008. The remaining US$2 billion comprises a five-year tranche which matures on the 21st August 2013.