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: November 26, 2014
UAE. "In the final months of 2014, we expect further increases in occupancy rates, with the pleasant weather attracting more tourists, alongside the seasonal increase in events and conferences."
date:Posted: November 25, 2014
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
date:Posted: November 25, 2014
BAHRAIN. The "increasingly deregulated and competitive economic environment is facilitating rapid growth in business development within the private sector."
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
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