By Andy Sambidge
Dubai business park initiative chief says move shows 'underlying strength'.
Dubai Multi Commodities Centre (DMCC), a state-owned tax-free business park initiative, announced on Monday that it had paid the final installment on a $200 million Islamic bond on schedule.
The sukuk, issued in May 2005, had a final $20 million repayment which was made on time, DMCC said in a statement. Ahmed bin Sulayem, executive chairman, DMCC, said: “Despite challenging financial conditions internationally, as well as ongoing volatility in global commodities markets, today’s announcement demonstrates the underlying strength of DMCC and the critical importance of Dubai as a hub for the worldwide commodities trade.”
The proceeds of the 2005 issue were used by DMCC to finance the construction of commercial towers in Jumeirah Lakes Towers (JLT).
These commercial towers, dedicated for international commodities focused businesses, are within JLT, a 200- hectare mixed-use free-zone administered by DMCC. The project, added Malcolm Wall Morris, CEO, DMCC, comprises 47 towers housing more than 2,000 companies and 10,000 residents.
"We are on track to complete the project by mid-2012 and will continue to strive to meet our customers demands," he added.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.