Arab Today, arab today ddf in 11b loan deal to fund expansion
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

DDF in $1.1b loan deal to fund expansion

Arab Today, arab today

Arab Today, arab today DDF in $1.1b loan deal to fund expansion

Dubai - Arabstoday

Dubai Duty Free, or DDF, said on Monday that it was making its maiden foray into the global financing market to raise $1.1 billion to support the ongoing Dh28 billion expansions at Dubai International Airport. DDF said it has mandated a number of institutions to broker the loan made up of Islamic and conventional finance. The institutions that will arrange and coordinate its debut international transaction include Citibank, Dubai Islamic Bank, Emirates NBD and HSBC. Abu Dhabi Commercial Bank has pre-committed as a mandated lead arranger and bookrunner. In a statement, DDF, the world’s leading airport retailer, said the financing drive was to optimise its capital structure in order “to support the further development at Dubai International Airport.” DDF, a division of the Investment Corporation of Dubai, is the exclusive operator of duty free shops and seller of goods exempt from duty at the airports in Dubai. The syndication was launched on April 5 with banks invited to commit in US dollars and/or UAE dirhams. DDF is hosting a management presentation in Dubai during the week. DDF, the sole duty free operator at the departure and arrival areas of all terminals at Dubai International Airport, or DIA, which is the fourth busiest airport globally in terms of international traffic, has grown to become the largest single airport travel retailer in the world, accounting for five per cent of airport shop sales and 3.2 per cent of the wider duty free and retail global business (which includes airports, airlines, ferries, border shops and other outlets) in 2010. For 2011, DDF generated revenues of Dh5.3 billion. DDF, as part of its expansion, will add a further 8,200 square metres of retail space in the new Concourse 3 at Dubai International Airport, which is forecasting passenger traffic in 2012 of 56.5 million, far ahead of the 51 million recorded in 2011. Currently, DDF operates across 18,000 square meters of retail space and sells to around 47 per cent of all DIA passengers and on average, handles 61,400 transactions per day. In the first quarter of 2012, DDF posted 14 per cent surge in sales to Dh1.42 billion, signalling a positive year ahead for the retailer, which is on track to achieve a full year sales target of Dh6 billion. “We have had a very good start to the year and are very much on track for our sales forecast of Dh6 billion. Terminal 3 continues to be the biggest in terms of accumulative sales and accounts for almost 58 per cent of our total turnover. However, the average spend of passengers in Terminal 1, which accounts for 35 per cent of sales, is higher,” Colm McLoughlin, executive vice-chairman of Dubai Duty Free, had said in a statement.

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 ddf in 11b loan deal to fund expansion Arab Today, arab today ddf in 11b loan deal to fund expansion

 



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 ddf in 11b loan deal to fund expansion Arab Today, arab today ddf in 11b loan deal to fund expansion

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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