Dubai's department of finance said it has redeemed $750 million worth of sukuk or Islamic bonds, issued on January 30, 2013.

The Dubai Government's Debt Management Office (DMO) also prepaid an additional $300 million of sukuk through an early redemption, almost four years ahead of its maturity in November 2026, the Dubai Media Office said on Twitter on Monday.

Rashid Al Falasi, CEO of the DMO said: "The strong performance of public revenues in the 2022 fiscal year, resulting from the overall economic growth of the emirate, contributed to the government’s efforts to further raise the efficiency of managing the public debt."

The DMO was set up in May last year to manage the government’s financing needs and its sovereign debt portfolio and to set up  strategic objectives and policies.

(Writing by Brinda Darasha; editing by Seban Scaria)