The government, which was on the brink of defaulting in 2009, reduced its borrowing costs by 40 percent when it sold $750 million of 10-year Islamic bonds in January, in addition to its first-ever 30-year bonds. Investor confidence in the emirate has improved after three state-linked companies paid or refinanced $3.75 billion of debt in 2012, in addition to a 3.3 billion dirham ($898 million) liability that matured in April.
"We did the sukuk a couple of months ago and I'm sure people were surprised to see that it was a 30-year unrated," Sheikh Ahmed bin Saeed Al Maktoum, head of the emirate's Supreme Fiscal Committee, said in an interview in Dubai yesterday. "People have trust and we'll always keep our word."
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