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Dubai Closes $800 Million Salik Financing Deal, MEED Reports

Dubai’s Department of Finance has completed a $800 million receivables financing based on income from the Salik road toll, MEED reported today, without disclosing the source of the information.

“The deal was completed on July 5 and the response was strong enough to allow the government to reduce the margin to 325 basis points above the London interbank offered rate from 350 basis points, MEED said on its website.

Citigroup Inc. (C), Commercial Bank of Dubai PSC (CBD), Emirates NBD PJSC (EMIRATES) and Dubai Islamic Bank PJSC (DIB), arranged the deal which included an Islamic tranche, it said.

To contact the reporter on this story: Inal Ersan in Dubai at iersan@bloomberg.net

To contact the editor responsible for this story: Arif Sharif at asharif2@bloomberg.net

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