Real estate related economic and financial news covering the MENA region.
DIFC Investments close to securing $1bn loan
May 22, 2012
Dubaiĺs DIFC Investments is close to securing a $1bn loan from four banks to help refinance an upcoming Islamic bond maturity, Reuters has reported, citing a banking source familiar with the matter. The loan will help refinance a $1.25bn sukuk maturing in June, and will be in place in time for the redemption date. "It's in the documentation phase," the source said. "There will be a syndication in due course but they want to deal with the sukuk first." Emirates NBD, Dubai's largest lender, and Standard Chartered will contribute an equal amount into the deal, while Noor Islamic Bank and Dubai Islamic Bank, also join the deal but with a smaller commitment, the sources added.