Dubai's JAFZA gets consent to repay US$2 billion sukuk early
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Mon May 28, 2012 9:08 am

UAE. Dubai's Jebel Ali Free Zone (JAFZA) said on Sunday it had received the consent from a majority of sukukholders for early redemption of a US$2 billion-equivalent Islamic bond.

The state-linked industrial free zone, part of a unit owned by Dubai World DBWLD.UL, said a majority representing 89% of certificate holders had voted in favour of the Extraordinary Resolution in a meeting on May 24 in London.

"Accordingly the consent conditions have been satisfied and the Deed of Amendment has been executed," the statement on Nasdaq Dubai said.

In order to change any terms of the certificates, the company was legally bound to seek approval from holders.

Citigroup Inc (C.N), Dubai Islamic Bank DISB.DU and Standard Chartered (STAN.L) were appointed as solicitation agents.

The 3.01%, AED7.5 billion sukuk was originally due in November. The company announced last month it was in advanced talks with financial institutions over a financing package to meet its debt obligation.

Along with a US$1.25 billion sukuk issued by another state-owned entity, DIFC Investments, due in June, the JAFZA redemption was considered crucial to assess the ability of Dubai Inc firms to meet their debt maturities.

In March, Reuters reported the company was preparing a three-pronged approach to the refinancing, consisting of a syndicated loan, another sukuk issue, and partial cash repayment. Asset sales are also an option.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 9, 2016
UAE. The YPO Global Pulse Confidence Index for the Middle East and North Africa declined for the fifth consecutive quarter, falling nearly one point to 56.4, below the global confidence level of 58.0; Economic confidence in the UAE fell 7.2 points to 50.3, its lowest score in the six-year history of the index.
date:Posted: February 9, 2016
UAE. Headline seasonally adjusted Emirates NBD Dubai Economy Tracker Index registers 50.7; Modest increases in output and employment; New business volumes rise at slowest pace since February 2010; Construction is the weakest performing sub-sector.
date:Posted: February 8, 2016
UAE. KPMG's inaugural "Variables for Sustained Growth" (VSG) Index tracks some of the most important factors that support economic performance in 181 countries; UAE ranks 24 based on metrics including infrastructure development, education and strength of public institutions.
UAE. The YPO Global Pulse Confidence Index for the Middle East and North Africa declined for the fifth consecutive quarter, falling nearly one point to 56.4, below the global confidence level of 58.0; Economic confidence in the UAE fell 7.2 points to 50.3, its lowest score in the six-year history of the index.
dhgate
Monogram Ring