Arab Today, arab today difc investments close to 1bn loan deal
Last Updated : GMT 01:07:45
Arab Today, arab today
Arab Today, arab today

DIFC Investments close to $1bn loan deal

Arab Today, arab today

Arab Today, arab today DIFC Investments close to $1bn loan deal

Dubai - Arabstoday

DIFC Investments, which owns properties in Dubai’s financial centre, has almost completed raising a $1bn loan to help repay an Islamic bond due in June, three bankers familiar with the matter said. Standard Chartered, Emirates NBD, Dubai Islamic Bank and Noor Islamic Bank will lend DIFC Investments the money to enable it to pay the $1.25bn sukuk, the bankers said, declining to be identified because the information is private. DIFC Investments has another $147.4m in liabilities maturing this year and will use its own cash and money raised from the planned sale of its Smartstream Technologies Group unit to repay the rest, one of the bankers said. A deal is expected to be signed early next month before the sukuk matures on June 13, they said. The spokesmen for DIFC Investments and Noor Islamic Bank weren’t available for comment, while spokesmen for Standard Chartered, Emirates NBD and Dubai Islamic declined to comment. They asked not to be identified because of company policies. DIFC Investments said this month it was committed to repaying the sukuk based on several factors, including “sustainable revenue streams” and reaching a deal to defer certain debt owed to Dubai’s government. Investors have been concerned about DIFC Investment’s ability to repay the sukuk due to its inability to sell assets. DIFC opened in 2004 to attract international banks, asset managers and insurers and is home to the regional offices of Goldman Sachs Group Inc, Citigroup and Standard Chartered. Property prices in Dubai, the second-biggest of seven emirates that make up the UAE, fell more than 65 percent from a peak in 2008 as the global credit crisis forced banks to cut mortgage lending and speculators left the market. DIFC Investments posted profit from continuing operations of $185.4m last year after a loss of $285.9m in 2010, it said. Revenue rose 8 percent to $157.5m and it booked a fair value gain of $180.8m on property compared with a fair value loss of $374.3m in the previous year.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today difc investments close to 1bn loan deal Arab Today, arab today difc investments close to 1bn loan deal

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today difc investments close to 1bn loan deal Arab Today, arab today difc investments close to 1bn loan deal

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday