Dubai plans to raise funds by selling debt based on future revenues at Dubai Duty Free, one of the world's largest airport retailers, according to three sources.
The Gulf Arab emirate's Department of Finance is working in tandem with the Investment Corporation of Dubai (ICD) which owns the retail operator, said the sources who spoke on condition of anonymity as the matter has not been made public yet.
Dubai is planning to raise at least US$500m from the securitisation of receipts, one banking source said, adding requests for proposals (RFP) for the transaction was sent to banks and a final mandate was yet to be announced. It was not known if the emirate has appointed any banks to advise on the deal.
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