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………………………………………..Full Article: Source