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DIFC investments to sign part government-backed $1 billion loan

DIFC-investments-to-sign-part-government-backed-1-billion-loan

DIFC Investments, a unit of the firm that runs Dubai's financial free zone, is set to sign a $1 billion loan partly guaranteed by the Dubai government to help refinance a $1.25 billion Islamic bond maturing in June, two sources said on Thursday.

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May 31, 2012 11:52 by



DIFC Investments, a unit of the firm that runs Dubai’s financial free zone, is set to sign a $1 billion loan partly guaranteed by the Dubai government to help refinance a $1.25 billion Islamic bond maturing in June, two sources said on Thursday.

The government support consists of a shortfall guarantee of up to $470 million, one of the sources familiar with the matter said, speaking on condition of anonymity as the information is not public.

“There is credit enhancements involving government support,” said a second source, adding the loan was set to be signed this weekend.

DIFC Investments’ sukuk obligation has been highlighted by analysts as one of the most challenging refinancings in the Gulf Arab region this year, given the size of the maturity and the firm’s limited cash position.

Emirates NBD, Standard Chartered, Noor Islamic Bank and Dubai Islamic Bank will provide the loan.         

(Reporting by David French and Raissa Kasolowsky; Editing by Amran Abocar)



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