Dubai's Jebel Ali makes bond coupon payment-source

DUBAI | Mon Nov 30, 2009 6:20am EST

DUBAI Nov 30 (Reuters) - Jebel Ali Free Zone has made a scheduled coupon payment on its 7.5 billion dirhams ($2.04 billion) Islamic bond, a source said on Monday, in the first major test of Dubai's ability to meet debt payments.

"They paid it, the rate was 4.175 percent," the source, who asked not to be identified, said.

Conglomerate Dubai World asked creditors last week to delay repayment of billions in debt for itself and property developer Nakheel for six months as it restructured operations. The shock announcement initially sent global markets slumping.

The Jebel Ali Free Zone is a unit of Dubai World. (Reporting by Amran Abocar; Editing by Alistair Lyon) ((amran.abocar@thomsonreuters.com; +971 4 391 8301; Reuters Messaging: amran.abocar.reuters.com@reuters.net))

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