Dubai port firm to repay $3 bn in debt early

DP World, the Dubai government- controlled port operator, said Monday it would reach into its cash reserves to pay back $3 billion in debt half a year early. The move will shrink the company's debt load by nearly 40 per cent, while still leaving it with more than $1 billion in cash on hand, according to company figures. DP World's ability to borrow billions to fund an aggressive overseas expansion helped it become the world's third largest port operator. It is part of Dubai's troubled Dubai World conglomerate, but was excluded from its parent's highly publicised debt restructuring.