Dubai, the emirate that teetered on the brink of default in 2009, expects two of its main companies to refinance $3.25 billion of debt without government support.
DIFC Investments LLC, a unit of the emirate’s tax-free business financial center, has $1.25 billion in Islamic bonds maturing in June, while Jebel Ali Free Zone FZE, another business park, has 7.5 billion dirhams ($2 billion) in Shariah- compliant notes due in November.
“I’m very confident they will manage to sort out these issues on their own,” Mohammed Al Shaibani, director general of Dubai ruler’s court, said in an interview in the emirate today. “We are available for any advice, any help. But mainly they will manage it themselves.”
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