Dubai Commodities will make final Sukuk payment next quarter

Business park has no issues meeting obligations, with last outstanding payment being $20m.
Dubai Commodities will make final Sukuk payment next quarter
By Bloomberg
Wed 27 Jan 2010 01:57 AM

The Dubai Multi Commodities Centre, a state owned tax free business park that is part of Dubai World’s holdings, says it will have no problem paying the final installment of a $200 million Islamic bond maturing in May.

The last outstanding payment is $20 million, the DMCC said in an emailed response to questions today.

The business park said: “We have got no issue meeting our obligations." The park seeks to attract commodities traders to take office space there.

The DMCC is owned by Dubai World, one of the emirate’s three main state owned business groups, which said Nov 25 it would seek to delay repaying debt for at least six months, roiling markets in the Middle East and around the world.

A commodities fund offered through the DMCC gained 41 percent last year, the company said today.

The DSAM Kauthar Commodity Fund, a collection of four other funds with holdings including gold and mining company shares, had assets under management of $250 million at the end of 2009, the DMCC said.

The funds were developed by Dubai Shariah Asset Management, a joint venture between Dubai Commodity Asset Management and Shariah Capital Inc.

DCAM is a DMCC unit. Dubai’s government made an initial $50 million investment in the fund.

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.