Dubai's Jebel Ali Free Zone is in talks with banks about how to repay its 7.5 billion dirhams ($2 billion) Islamic bond due November, with most of the liability set to be rolled over using a syndicated loan and a new sukuk, sources said.
The Dubai government-owned free zone is in talks with Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered about how to meet the obligation, two sources told Reuters on Monday, although the banks have not been formally appointed to any role.
While details have not been finalised, the majority of the sum will be rolled over into new facilities, with a small amount coming from internal cash reserves.
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