Dubai Duty Free boosts five-year financing to US$1.5 billion
Source: BI-ME with Boomberg , Author: Posted by BI-ME staff
Posted: Tue May 22, 2012 8:15 pm

UAE. Dubai Duty Free boosted a loan to US$1.5 billion after lenders offered to provide the airport retailer with more than the $1.1 billion originally sought, Colm McLoughlin, executive chairman of the company, said.

The five-year facility will be used to develop Dubai International Airport and may pay interest at 350 basis points over benchmark rates, according to data compiled by Bloomberg. It is made up of conventional and Islamic portions and banks can lend in U.S. dollars or U.A.E. Dirhams.

Emirates NBD PJSC, Dubai Islamic Bank PJSC, HSBC Bank Plc, Citigroup Inc., Abu Dhabi Commercial Bank PJSC and Abu Dhabi Islamic Bank are involved in the transaction, which is due to complete in the next few weeks, McLoughlin said.

Dubai Duty Free, which began operations in 1983, operates 18,000 square meters of retail space at Dubai International Airport. This will grow by a further 8,000 square meters with the opening of concourse 3, which is due to take place next year, according to the company’s website.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: April 28, 2015
UAE. GCC wages are set to rise at an average of 5% in 2015, rebounding from a brief dip to 4.8% last year, according to Towers Watson; Growing inflation translates into pressure for all.
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UAE. As banks address new capital regulatory requirements and slow balance sheet growth, a new global study on alternative channels for capital from shadow banking provides a unique investor perspective on what it will take for these financing vehicles to take hold and support economic growth.
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UAE. The report presents the demand-supply dynamics of the GCC food industry across its countries and major food categories; Food demand in the GCC is driven by several factors including a growing population base, increasing affluence and rising tourist inflow.
UAE. As banks address new capital regulatory requirements and slow balance sheet growth, a new global study on alternative channels for capital from shadow banking provides a unique investor perspective on what it will take for these financing vehicles to take hold and support economic growth.
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