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Dubai unlikely to support Jafza bond-S&P

Posted on 18 November 2011

Potential government support for Dubai World unit Jebel Ali Free Zone (Jafza) to meet its $2.04 billion Islamic bond maturity next year is less likely due to a more complex legal structure, a Standard & Poor’s’ analyst said on Thursday.

The Dh7.5 billion ($2.04 billion) Jafza sukuk along with the $1.25 billion floating rate note from DIFC Investments, a unit of Dubai International Financial Centre, are considered among Dubai government-linked obligations in 2012 with the greatest chance of encountering repayment issues, Tommy Trask, director, corporate ratings, at S&P told reporters……………………………………..Full Article: Source

 
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