Dubai Duty Free, world’s largest single-operation travel retailer that recently raised $1.7 billion from a consortium of lenders to part finance Concourse 4 at the Dubai International Airport, will not seek fresh funding to support Dubai airport’s expansion, a top official said.
Dubai International Airport is currently undergoing a Dh28 billion expansion — it’s fourth phase — that will help raise the airport’s passenger handling capacity to 90 million by 2017.
“None of the banks were willing to lend us $3 million when we set up Dubai Duty Free in 2003. However, two months ago, 26 banks raised $1.7 billion for us to support infrastructure works at the Dubai International Airport,”
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