Sponsored by   Mudabala
 
 
BETA
Loading Loading ...
Tue, 09 Feb 2010 | 20:12 GMT
Tue, Feb 09, 2010, 20:12 GMT
 

Jebel Ali Free Zone FZE lists its first sukuk of 7.5 Billion Dirhams on DIFX

Press Release
 
 

Zaal Ibrahim, Corporate Finance Manager, DIFX
07 December 2007
Jebel Ali Free Zone FZE (JAFZ)Jebel Ali Free Zone FZE (JAFZ)Loading... has listed a 7.5 billion UAE dirham (U.S.$ 2.04 billion) Sukuk on the Dubai International Financial Exchange (DIFX)Dubai International Financial Exchange (DIFX)Loading.... The JAFZ Sukuk listing confirms the exchange's status as the largest in the world for Islamic bonds.

It is the first listing of any security on the DIFXDIFXLoading... in a currency other than U.S. dollars.

Salma Hareb, CEO of JAFZJAFZLoading... said: "This is the first Sukuk to be issued by JAFZJAFZLoading... and its listing on the DIFXDIFXLoading..., as the region's international exchange, gives us an excellent visibility in the international as well as the regional marketplace. We experienced strong interest in the Sukuk from regional and international investors."

The Sukuk certificates were issued by JAFZ Sukuk Limited and were sold to investors in the Middle East, Asia and Europe. The certificates have been rated A1 by Moody'sMoody'sLoading... and A+ by Standard & Poor'sStandard & Poor'sLoading....

Per E. Larsson, Chief Executive of the DIFXDIFXLoading..., said: "This listing underlines the DIFXDIFXLoading...'s status as a listing venue for major Sukuk offerings issued by substantial public and private organisations, whether local, regional or international. As the international exchange serving this region, the DIFXDIFXLoading... provides issuers with a well regulated and internationally known platform."

Hamed Ali, Executive Officer of the DIFXDIFXLoading..., said: "Sukuk are growing in popularity with issuers and investors around the world. The number of issues in the first nine months of 2007 totaled 103, an increase of 25% from the same period in 2006."

- Ends -

About JAFZ
Established in 1985, the Jebel Ali Free Zone (the Zone) is one of the world's largest and the fastest growing free zones and is managed by JAFZJAFZLoading.... JAFZJAFZLoading...'s mission statement includes: for the Zone to be the leading international business hub of the Middle East; to focus on long-term customer relationships; to provide creative and innovative solutions for global industrial investors and foster alliances with them and to offer customers world-class infrastructure and value-added services and incentives.

The Zone, encompassing over 48 square kilometres, is home to nearly 6000 companies from 110 different countries and has more than 150 large multinational and Fortune 500 companies as tenants. The Zone is a significant contributor to the overall economy of Dubai.

For more information about JAFZJAFZLoading... and The Zone, please visit www.jafza.ae.

About DIFX
The DIFXDIFXLoading... is the international financial exchange serving the region between Western Europe and East Asia. It welcomes regional as well as international issuers that seek regional and international investment.

The exchange opened in September 2005 and currently has 19 Members - ABN AMRO, Arbuthnot Securities, Barclays Capital, Citigroup, Credit Suisse, Daman Securities International, Deutsche Bank, EFG-Hermes, Hichens, Harrison & Co, HSBC, ING Bank NV, Jefferies International, KAS BANK, Morgan Stanley, Merrill Lynch, Mashreq Capital (DIFC), NBD Investment Bank, SHUAA Capital and UBS.

Issuers on the DIFXDIFXLoading...: Equities - Albaraka Banking Group (ordinary shares), Boulder Steel (ordinary shares), DP World (ordinary shares), Citigold CorporationCitigold CorporationLoading... (ordinary shares), Fortune Management (ordinary shares), Gold Fields (American depositary shares), Hikma Pharmaceuticals (global depositary receipts), Kingdom Hotel Investments (ordinary shares), Man Industries (India) (global depositary receipts), Monarch Gold Mining Company (ordinary shares), Rana Sugars (global depositary receipts); Sphere Investments (ordinary shares); Unigold Inc (ordinary shares); Bonds - DP World (Medium Term Notes), Dubai Holding Commercial Operations Group (Medium Term Notes), Kuwait Financial Centre S.A.K. (Closed) (Notes); MashreqBank (Medium Term Notes), National Bank of Dubai (Medium Term Notes); Islamic Products - Aabar Sukuk (Sukuk), Cherating Capital (Sukuk), DAAR International Sukuk (Sukuk), Dar Al Arkan International Sukuk (Sukuk), DIB Sukuk (Sukuk), DIFC Investments (Sukuk), Dubai World Sukuk (Sukuk), IIG Funding Ltd (Sukuk), JAFZ Sukuk (Sukuk), Nakheel Development (Sukuk), Ports, Customs and Free Zone Corporation (Sukuk), TID Global Sukuk (Sukuk); Structured Products - Deutsche Bank, Merrill Lynch, Morgan Stanley

The regulator of the DIFXDIFXLoading... is the Dubai Financial Services Authority. The DIFXDIFXLoading... is owned by Borse Dubai Limited, a holding company which also owns the Dubai Financial Market. The DIFXDIFXLoading... is located in the Dubai International Financial Centre.
www.difx.ae

For more information, please contact:
DIFXDIFXLoading...:
Mark Fisher
Dubai International Financial Exchange
Tel: 04- 3612222
Email: mark.fisher@difx.ae

DIFC:
Amira Abdulla
Dubai International Financial Centre
Tel: 04- 3622433
Email: Amira.abdulla@difc.ae

© Press Release 2007

from Dubai International Financial Centre
 
x DISCLAIMER

Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.

Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
 
 
Access to this article is subject to specific terms and conditions. Read Disclaimer.
 
 
 
Community Comments (0) - Comment on this article
The opinions of the authors expressed herein do not necessarily state or reflect Zawya. Read our Comment Policy.
 
 
 
Loading ...
 
Report Abuse
Loading ...
 
 
Loading ...
Zawya Comment Policy:
 
  1. Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
    1.1   Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
    1.2   Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
    1.3   Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
    1.4   Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
    1.5   Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
    1.6   Give the impression that they represent Zawya.
    1.7   Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
  2. The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
  3. Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
  4. By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
 
 
 
 
 
Community Buzz

Stories

Companies

Most viewed companies by Community in the last 24 hrs
Company Name Country Industry
Consolidated Contractors Company Overseas Construction and Design
Zuhair Fayez Partnership Consultants Saudi Arabia Construction and Design
Saudi Binladin Group Saudi Arabia Construction and Design
Saudi Electricity Company Saudi Arabia Electric Utilities
Barwa Real Estate Company Qatar Landlords and Developers
Roads and Transport Authority - Dubai UAE Regulatory and Administrative Bodies
Mubadala Development Company UAE Investment Firms and Funds
Ministry of Health - Saudi Arabia Saudi Arabia Ministries and Municipalities
Abu Dhabi Oil Refining Company UAE Oil
Qatar General Electricity and Water Corporation Qatar Electric Utilities
 

Projects

Blogs

 
 

 
 
 
 
 

Site is optimised for viewing at 1024 x 768 with Internet Explorer v6 and Firefox v3.0 and above.
Copyright © 2010 ABQ Zawya Ltd. All rights reserved. Please read our Membership Agreement