KARACHI: The United Arab Emirates (UAE) government has announced that the $500 million fixed-rate note issued on June 22, 2011, under its “Euro Medium Term Note Programme”, reached maturity on June 22, 2021, the official Emirati news agency WAM reported.

Upon maturity, all the notes have been redeemed in full by making the required payment through the paying agent to the holders of the notes, along with accrued interest, it added.

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Abdulrahman Saleh Al Saleh, director-general of the Department of Finance, said: “The Government of Dubai’s ability to fulfill its financial obligations reflects its deep fiscal stability amidst the circumstances imposed by the current global crisis. The government’s solvency has allowed it to fulfill its past and current obligations and will continue to enable it to meet all future obligations on time.”

“We have been successful in overcoming the most challenging repercussions of the global pandemic, and have now entered a solid phase of recovery, thanks to the measures taken by the government to ensure rational prioritized spending, under the directives of our leadership,” Al Saleh added.

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