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: May 25, 2018
INTERNATIONAL. AI is creating jobs, yet 80% of respondents say there is a lack of talent to fill positions; More than 50% of respondents use AI to improve products and increase efficiency; C-suite support and performance metrics are needed to scale AI strategies.
date:Posted: May 24, 2018
UAE. 10% of the total real estate debt market could come from private providers within the next decade; Report outlines how diversified debt sources and alternative financing structures will boost lending competition and in turn inject new capital into the real estate market.
date:Posted: May 24, 2018
INTERNATIONAL. The more "human" our solutions, the greater chance we'll be building monuments that become meaningful parts of people's lives and not just monoliths.
INTERNATIONAL. AI is creating jobs, yet 80% of respondents say there is a lack of talent to fill positions; More than 50% of respondents use AI to improve products and increase efficiency; C-suite support and performance metrics are needed to scale AI strategies.
dhgate