DCA awards world's largest sukuk issue to DIB

Dubai’s Department of Civil Aviation has named Dubai Islamic Bank as the lead manager for its inaugural US$ 750 million Sukuk Al Ijara issue.

  • E-Mail
By  Neil Denslow Published  June 13, 2004

Dubai’s Department of Civil Aviation has named Dubai Islamic Bank as the lead manager for its inaugural US$ 750 million Sukuk Al Ijara issue. The deal, which wil raise funds for the second phase of the expansion of Dubai Airport, is the world’s largest ever Sukuk issue. The mandate is in line with Dubai DCA’s recent decision to finance the airport expansion from outside sources. The DCA will then repay the loans from internally generated sources of revenues, such as landing fees and retail. The Sukuk issue, which DIB will lead manage, arrange and act as bookrunner for, will have a five-year maturity and it will be listed and traded at the Dubai Financial Market.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code