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DIFC completes on-time repayment of $700 million sukuk

The sukuk was raised through DIFC Investments

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DIFC, AI, Web 3.0 campus, Sheikh Maktoum
by

A Staff Reporter

Published: Mon 11 Nov 2024, 11:20 AM

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today announced the full redemption and on-schedule repayment of a $700 million sukuk.

The sukuk was raised through DIFC Investments to fund the expansion of the Centre with real estate infrastructure and development of new retail attraction Gate Avenue. DIFC maintained rational spending on all its projects and new developments, improved and diversified its revenue, and optimised the use of financial instruments.

These financial policies reduce borrowing costs, mitigate refinancing risks, focus on cash generation from core activities, and ensure financial stability in the medium and long term.

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Essa Kazim, Governor of DIFC, said: “DIFC has fully repaid its 2014 sukuk on schedule which reflects our financial strength. Over the past ten years, we have invested in high-quality commercial infrastructure, and this has helped position DIFC as the region’s preferred centre for business and finance. We continue to develop our real estate offering to meet high levels of demand from companies looking to establish or grow their presence in the city.”

A Staff Reporter

Published: Mon 11 Nov 2024, 11:20 AM

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