UAE, 4 June, 2012 - DIFC Investments LLC  (DIFCI) today announces it has secured a USD 1.035 billion syndicated facility to contribute towards financing in full the repayment of its USD 1.25 billion Sukuk maturing 13th June 2012. This is a landmark transaction in the history of the DIFC which further evidences the commitment of Dubai to meet its obligations in a timely manner.  

The transaction is a dual tranche Islamic facility and includes both Commodity Murabaha and Ijarah tranches. The Mandated Lead Arrangers and Bookrunners of the USD 1.035 billion dual tranche five - year Islamic Facility are Emirates NBD, Standard Chartered Bank, Dubai Islamic Bank and Noor Islamic Bank.  The facility is priced at 380 bps over EIBOR/Libor and is principally secured on DIFCI's Grade A property portfolio, which is regarded as the region's premier financial district.  National and international banks participated in the transaction. Moelis & Co acted as financial advisors to DIFCI.

Quotes from DIFC

Abdullah Saleh, Governor of DIFC and Chairman of DIFCI, commented:

"We are pleased that this successful financing has been achieved on competitive terms and provides further recognition of the strength of the DIFC as an international financial centre.   The presence of regional and international banks in the transaction is an indication of the confidence and support that key stakeholders have in the success of the DIFC." 

Shahli Akram, Managing Director of DIFCI commented:

"This transaction reaffirms the commitment of the participating financial institutions to Dubai and its Government related entities ("GREs").  It reflects on the long term confidence in the core model and future sustainability of the DIFC.  We would like to thank the investment community and, in particular, the Sukuk holders for their confidence in our ability to meet our obligations as and when they fall due.  We believe this transaction sets a new benchmark in terms of size and price for Dubai GREs and its ability to tap into various funding channels to support its changing needs."

© Press Release 2012