Dubai's Jebel Ali Free Zone (JAFZA) has hired Citigroup to advise on options for meeting a $2 billion Islamic bond maturity this year, including the potential sale of its UK-based developer Gazeley, three sources said on Monday.
JAFZA, which runs an industrial free zone on the outskirts of Dubai, has said it aims to refinance the 7.5-billion dirhams Islamic bond which matures in November.
'Citi will for sure look at all options available to address the debt,' one of the sources said, speaking on condition of anonymity. 'If they can help sell Gazeley in this market, then it will definitely go toward helping repayment but these markets are not so conducive for asset sales.
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