Dubai will employ $1.25 billion raised through an Islamic bond last week to fund the expansion of its airport and sees no risk to repaying creditors at its flagship conglomerate Dubai World on time, a top Dubai official told Reuters on Tuesday.
"We will use proceeds from the $1.25 billion sukuk to fund Dubai International Airport expansion," Sheikh Ahmed bin Saeed al Maktoum, a close advisor and uncle to Dubai's ruler and a key figure in the emirate's recovery from its 2009 debt debacle, said in an interview on the sidelines of a Dubai travel show.
Sheikh Ahmed, a charismatic figure who has been the public face of Dubai in recent years, holds a host of top positions in the glitzy emirate including the chairman post at its largest bank Emirates NBD , Dubai World and at crown jewel Emirates airline .
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