Dubai World, who own assets in global terminal operator DP World, has paid around US$2.92bn to its creditors in repayments which were made in March, 2015, and were previously due in September, 2015.
In a recent article published by PTI, DP World had amended and extended creditor terms on $14.6bn worth of debt.
As reported by Bloomberg, Naveed Ahmed, an Analyst at Global Investment House KSCC, said: “This is a big confidence-booster for the market. The repayments will help reduce the exposure to government-related entities for banks such as Emirates NBD.”
DP World has recently initiated legal action to delay the sale of an Australian port, a move which prompted the Australian government to collect around US$6bn from the long-standing lease held by DP World for the port.
DP World is currently operating 65 marine terminals around the world and collectively handles around 60 million TEU across its portfolio of container terminals.