Jafza in talks to refinance $2bn sukuk
Dubai, April 30, 2012
Dubai's Jebel Ali Free Zone (Jafza) is in advanced talks with financial institutions over a financing package to meet its $2 billion-equivalent Islamic bond, or sukuk, maturity in November, the company said in a statement on Monday.
The chairman of the state-linked industrial free zone, located on the outskirts of Dubai, said in the statement that proceeds of the funding package will be used solely for the redemption of its 7.5 billion dirhams ($2.04 billion) sukuk.
Jafza reported a net profit of 242 million dirhams in 2011, compared to 140 million dirhams in the previous year, its financial statements showed. – Reuters