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FINANCIAL NEWS
Dubai Duty Free raises USD1.75b facility to fund expansion
05 Jul 2012
(MENAFN) Dubai Duty Free (DDF) said it successfully raised USD1.75 billion loan to fund its expansion plans, Arabian Business reported.
The airport retailer secured a six-year senior unsecured syndicated credit facility, comprising a conventional term loan facility and Islamic facilities.
The cash will be used to finance the current expansion of Dubai International Airport, DDF said in a statement, adding that strong demand allowed the retailer to exercise its right to increase the facility from the initial launch amount of USD1.1 billion.
Dubai Duty Free, which covers 18,000 sqm of retail space at Dubai International Airport, recorded USD1.46 billion in sales last year, a 15.7 percent increase from 2010.
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