Monday 18 April 2011

Dubai's JAFZA '10 profit halves; bond to be refinanced, UAE Industries - Maktoob News

Full-year profit at Jebel Ali Free Zone (JAFZA), a unit of state-owned conglomerate Dubai World more than halved, and the firm said it was eyeing options to refinance an Islamic bond due in 2012.

In a statement accompanying its financial results, JAFZA's chairman said the company was considering refinancing options for its 7.5 billion dirham ($2.04 billion) Islamic bond, or sukuk, its only outstanding debt.

"The establishment commenced work on the liability management and is currently exploring various refinancing options," Chairman Hisham Abdullah Al Shirawi said in a statement, referring to the sukuk.

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