DIFC Investments (DIFCI), the investment arm of the firm that runs Dubai's financial free zone, has hired US investment bank Moelis & Co to advise on options for a $1.25 billion Islamic bond maturing in June, three sources familiar with the matter said on Sunday.
The DIFCI bond, along with a $2bn Islamic bond from Jebel Ali Free Zone (Jafza) which matures later this year, are in the spotlight as investors weigh Dubai's refinancing risks in 2012.
DIFCI, whose assets range from aerospace to retail, saw profits wiped out in 2010 mainly due to the devaluation of its property portfolio in the aftermath of the 2008 global financial crisis which ended Dubai's real estate boom. It posted a $272 million loss for 2010.
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