Dubai Holding Commercial Operations Group (DHCOG), part of a conglomerate owned by the emirate's ruler, will repay $319.3 million on May 13, more than 18 months before the debt is due, it said in a statement on Wednesday.

The company will use available funds to repay the amount, which is the remainder due on a $555 million facility maturing in December 2015, DHCOG, part of Dubai Holding, said in March its 2013 annual profit was nearly triple that of 2012.

It runs multiple businesses including hotel group Jumeirah, business park Tecom Investments and Dubai Properties Group. - Reuters