Gulf Investment Corp. touts credit management with $500M debt payment amid region’s woes
By APMonday, June 21, 2010
Gulf Arab financial firm pays back $500M in debt
DUBAI, United Arab Emirates — An investment company owned by six Gulf Arab nations says it has fully paid back $500 million worth of debt that was due this week.
Monday’s announcement by the Gulf Investment Corporation comes amid intense scrutiny over the region’s ability to pay back lenders. Companies still able to cover their debts are eager to distinguish themselves from less healthy borrowers in the wake of credit problems in Dubai and elsewhere in the oil-rich region.
Kuwait-based Gulf Investment says it paid off the loans using cash it had saved up to manage its debt pile.
The financial services company is owned by the six member states of the Gulf Cooperation Council: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
