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Jebel Ali Free Zone Proposes Plan to Repay Sukuk, MEED Reports

Jebel Ali Free Zone FZE, a business park operator in Dubai, put forward a fundraising plan to help repay a 7.5 billion-dirham ($2 billion) Islamic bond maturing in November, MEED reported, citing people it didn’t identify.

The state-controlled company proposed reducing debt by 700 million dirhams, raising a loan of about 4 billion dirhams and selling an Islamic bond or sukuk of about 2.4 billion dirhams, MEED reported on its website. The new financing is likely to be in place by July, with involvement by Citigroup Inc., Standard Chartered Plc (STAN) and Dubai Islamic Bank PJSC (DIB), MEED said. Jebel Ali will raise the loan first, it said.

To contact the reporter on this story: Arif Sharif in Dubai at asharif2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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