UAE’s JAFZ shows progress upon USD544m repayment
22 Dec 2015
(MENAFN) Dubai’s Jebel Ali Free Zone (JAFZ) has repaid the USD544.6 million Islamic loan to the involved financial institutes four and a half years ahead of its scheduled maturity, based to reports.
Accordingly, early repayment displays the true commitment of the shareholder and government of Dubai to reduce the debt of the total Dubai World Group, which operates JAFZ.
Based on the available data, JAFZ’s USD544 million Islamic facility was established in June 2012 to partly refinance the firm’s maturing USD2 billion sukuk issued back in 2007.
Furthermore, JAFZ operates one of the largest customs-free areas in the Middle East and the people behind it are doing their upmost best to maintain the country as a leading trading hub.