Thursday, 7 April 2011

Dubai Hires Banks to Raise $800 Million From Road Toll Bills - Businessweek

Dubai hired four banks including Citigroup Inc. to raise $800 million by selling road toll receipts as the Persian Gulf emirate seeks financing for its transport projects.

The Department of Finance appointed Citigroup, Dubai Islamic Bank PJSC, Emirates NBD PJSC and Commercial Bank of Dubai PSC to arrange the dual-currency, six-year financing, the Dubai government’s Media Office said in an e-mailed statement today. The transaction is expected to be syndicated further to a group of banks and includes both conventional and Islamic parts.

Dubai, which was on the brink of a debt default in 2009, is recovering from the impact of the global credit crisis that battered its property industry and slowed trade and tourism. Economic growth in the emirate will accelerate to 4 percent in 2011 from 2.2 percent in 2010, according to Citigroup.

No comments:

Post a Comment