Dubai International Financial Centre repays $700m sukuk 'on schedule'

Dubai International Financial Centre (DIFC) said on 11 November that it had made an on-schedule repayment of a $700m sukuk which marked a "significant milestone in implementing its sustainable financing strategy and commitment to responsible financial management".

The repayment of the sukuk reflected DIFC’s financial strength and the result of robust financial policies that enhance the efficiency of the Centre’s debt and financing portfolio, the international financial centre said.

These financial policies would reduce borrowing costs, mitigate refinancing risks, focus on cash generation from core activities, and ensure financial stability in the medium and long term.

Essa Kazim, governor of DIFC, said: “DIFC has fully repaid its 2014 sukuk on schedule which reflects our financial strength. Over the past ten years, we have invested in high-quality commercial infrastructure, and this has helped position DIFC as the region’s preferred centre for business and finance.

"We continue to develop our real estate offering to meet high levels of demand from companies looking to establish or grow their presence in the city.”

The sukuk was raised through DIFC Investments to fund the expansion of the centre with real estate infrastructure and development of new retail attraction Gate Avenue. DIFC further said it had maintained rational spending on all its projects and new developments, improved and diversified its revenue, and optimised the use of financial instruments.