Jafza syndicated loan to kick off three-part financing plan
Dubai government-owned Jebel Ali Free Zone (Jafza) is pushing ahead with plans for a syndicated loan, thought to be for around Dh3.3bn ($900m). This represents the first component of a three-part financing plan that Jafza submitted to creditors last week as it looks for a way to repay a Dh7.5bn sukuk maturity in November.
Jafza, the flagship business hub subsidiary of Dubai World unit Economic Zones World, was the issuer of one of two large sukuk that are of particular concerns for investors in the emirate, with the other a $1.25bn deal by DIFC Investments (DIFCI) that matures in June.
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