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 29, 2016
INTERNATIONAL. The investment community is significantly more likely than CEOs to consider misaligned performance incentives as a barrier to change: almost half (49%) of investors surveyed in the report flagged this as a major concern compared to only 17% of chief executives.
date:Posted: April 28, 2016
UAE. 51% of all Dubai hotels in mid-market segment versus 89% in New York; PwC research released at ATM 2016 touts construction figure of US$80k per room as incentive for developers looking for solid returns in high demand segment.
date:Posted: April 27, 2016
UAE. Residential values drop 2.2% in Q1 2016; Strongest quarterly decrease in five years and the seventh consecutive quarterly decline, according to Cluttons.
dhgate