Dubai Holding Commercial Operations Group repays Dhs2.4bn in Eurobonds and maturing bank loans

DUBAI, 2 December 2008: Dubai Holding Commercial Operations Group (DHOG), the holding company of Dubai Holding's real estate, tourism, infrastructure and telecommunications business, has recently announced that it has repaid its first publically traded Eurobonds.

The Dhs1.0bn Eurobonds issued last year, as part of broadening the company's investor base and funding sources, matured in November this year and were repaid from the company's internal cash flows.

This, in addition to recent repayment of an Dhs1.4bn of amortizing and maturing bank loans, highlights that the company continues to operate from a position of strength.

Dubai Holding Commercial Operations Group has been rated 'A1 Stable' by Moody's Investor Service, 'A+ Stable' by Standard & Poor's and 'AA- Stable' by Fitch Ratings since the ratings were announced in January 2007.