Emirates: The Government of Dubai, acting through the Department of Finance (DOF), on Tuesday announced that it repaid the $500 million bond certificate on time despite a challenging environment across the globe in the wake of Covid-19 crisis.

The $500 million Fixed Rate Note was issued on June 22, 2011 under the government's Euro Medium Term Note Programme, reached maturity on June 22, 2021.

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.

Abdulrahman Saleh Al Saleh, director-general of DOF, 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," he said.

"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 prioritised spending, under the directives of our leadership," Al Saleh added.