DIFC Unit To Sign $1bn Loan
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DIFC Unit To Sign $1bn Loan

DIFC Unit To Sign $1bn Loan

The loan will be partly guaranteed by the Dubai government, according to sources.

Gulf Business

DIFC Investments, a unit of the firm that runs Dubai’s financial free zone, is set to sign a $1 billion loan partly guaranteed by the Dubai government to help refinance a $1.25 billion Islamic bond maturing in June, two sources said on Thursday.

The government support consists of a shortfall guarantee of up to $470 million, one of the sources familiar with the matter said, speaking on condition of anonymity as the information is not public.

“There is credit enhancements involving government support,” said a second source, adding the loan was set to be signed this weekend.

DIFC Investments’ Sukuk obligation has been highlighted by analysts as one of the most challenging refinancings in the Gulf Arab region this year, given the size of the maturity and the firm’s limited cash position.

Emirates NBD, Standard Chartered, Noor Islamic Bank and Dubai Islamic Bank will provide the loan.

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