BUSINESS

Dubai's Jafza Confident Of Refinancing $2B Bond; 2011 Net Pft Up 73%

Dubai's Jebel Ali Free Zone, or Jafza, is in advanced talks to refinance a 7.5 billion U.A.E. dirhams ($2.04 billion) Islamic bond due in November, the chairman of the free zone's parent company said.

Zawya Dow Jones News

April 30, 2012

Monday, Apr 30, 2012

DUBAI (Zawya Dow Jones)--Dubai's Jebel Ali Free Zone, or Jafza, is in advanced talks to refinance a 7.5 billion U.A.E. dirhams ($2.04 billion) Islamic bond due in November, the chairman of the free zone's parent company said Monday.

The board of Economic Zones World, which owns JAFZ, "is confident about JAFZ' ability to refinance the sukuk," Hisham Abdullah Al Shirawi said in a statement posted on the Nasdaq Dubai website.

Jafza also reported its full-year 2011 financial results Monday, posting a net profit of AED241.6 million, up 73% on year as revenues rose.

-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com

(END) Dow Jones Newswires

30-04-12 1037GMT