| Dubai’s Jebel Ali Free Zone (JAFZA) is in advanced talks with financial institutions over a financing package to meet its $2 billion-equivalent Islamic bond, or sukuk, maturity in November, the company said in a statement on Monday.
The state-linked industrial free zone, located on the outskirts of Dubai, will use the funding package solely for the redemption of its 7.5 billion dirhams ($2.04 billion) sukuk, the statement, which accompanied its 2011 results, said. “The board of directors is confident about JAFZA’s ability to refinance the sukuk,” Hisham Abdullah al-Shirawi, chairman of Economic Zones World (EZW), JAFZA’s parent and a unit of state conglomerate Dubai World, said. ..............................................Full Article: Source
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