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FINANCIAL NEWS
Dubai to finance airport expansion via USD1.25b sukuk
02 May 2012
(MENAFN) Dubai Civil Aviation Authority’s President, Sheikh Ahmed bin Saeed al Maktoum, announced that the emirate will finance the expansion of the Dubai International Airport through proceeds from the USD1.25 billion Islamic bond (sukuk) that was raised recently, reported Emirates 24/7.
Sheikh Ahmed, who is also the Chairman of the Dubai Airports, Chairman and Chief Executive of the Emirates Airline & Group, also said that the emirate’s Dubai World is expected to repay its debt on time.
On the other hand, he noted that Emirates Airline has a USD500 million bond maturing in June, adding that the carrier has USD1 billion in cash, so it will be able to pay off the debt.
It is worth noting that Dubai will witness 2 important maturities this year from state-linked Jebel Ali Free Zone (Jafza) and DIFC Investments, with both to repay a combined USD3.25 billion.
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