Dubai’s JAFZA wins USD1.2b Islamic loan

17 Jun 2012

(MENAFN) Dubai’s Jebel Ali Free Zone (JAFZA) won a USD1.2 billion sharia-compliant loan from eight banks, to help refinance a debt commitment, Reuters reported.

The company said in a prospectus that the Islamic financing loan, along combined with a USD650 million sukuk completed lately, will be used to repay a USD2bn-equivalent Islamic bond due later this year. The facility is due to mature in 2020, the prospectus said.

The company also said that Economic Zones World (EZW), JAFZA’s parent company, is considering the sale of UK-based warehouse developer Gazeley.

EZW has committed up to USD300 million for JAFZA from the proceeds raised by the Gazeley sale, and should the sale be completed, funds will be used to part-repay the bank facility, the prospectus added.

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