Dubai’s Jebel Ali Free Zone to repay loans early

Article from Taipei Times:
An indebted business park owned by Dubai’s government says it has received sufficient support from lenders to repay US$2 billion early as part of a broader refinancing effort. Jebel Ali Free Zone (JAFZ) said in a NASDAQ Dubai statement yesterday that creditors representing about 89 percent of the 7.5 billion dirham sukuk, or Islamic bond, have approved the plan. JAFZ was supposed to repay the debt this November. It sought agreement from lenders to repay it early so it could put a new refinancing plan in place. JAFZ operates a sprawling industrial and logistics park next to Dubai’s Jebel Ali port, the Mideast’s largest.

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