Dubai Holding to pay off Sama Dubai's $300m

Dubai Holding yesterday said it will pay off Sama Dubai's three-year $300 million (Dh1.1 billion) loan facility, which matures on September 27.

"Dubai Holding and its entities will meet their financial obligations in full and on the maturity date," a Dubai Holding spokesman told Reuters, referring to the loan facility.

Sama Dubai is the property arm of Dubai Holding and is being merged with local companies Dubai Properties, leisure developer Tatweer, and Emaar Properties.

Emirates Bank International was the mandated lead arranger, underwriter and book runner for Sama Dubai's loan facility closed in September 2006.

Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank and Bank Muscat were the participating banks in the loan facility.

Dubai Holding said in August it will reorganise its business into four operating units in a bid to cope with the impact of the global economic crisis.

Dubai World's property unit Nakheel has $3.5bn worth of Islamic bonds that mature on December 14 and questions remain over the government's plan for them, although a full repayment is the most probable scenario, say analysts.

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