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

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UAE. As a gateway of opportunity for Asia, Dubai has a key role in driving growth momentum; Between 2010 and 2013, GCC-China trade grew faster than with any other significant trade partner.
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INTERNATIONAL. A new analysis presents the key trends that will transform the global market over the next decade and beyond.
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UAE. International tourism and a stronger middle class are shaping luxury trends, including luxury experiences and alternative luxury channels, with a focus on the consumer rather than geography.
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