DIFC Completes On-Time Repayment of USD 700 Million Sukuk

Photo : Dubai Government Media Office

Dubai International Financial Centre (DIFC), recognized as a premier global financial hub in the Middle East, Africa, and South Asia (MEASA) region, has successfully completed the full redemption and on-schedule repayment of its USD 700 million sukuk. This milestone is a crucial step in the centre's ongoing commitment to sustainable financing practices and responsible financial management.

The successful repayment highlights DIFC’s financial stability and solidifies its position as a robust and efficient institution. The repayment was made possible due to DIFC's sound financial strategies that focus on reducing borrowing costs, mitigating refinancing risks, and ensuring long-term financial sustainability. These strategies include a strong emphasis on cash generation from core activities, which ultimately supports financial resilience and stability over both the medium and long term.

His Excellency Essa Kazim, Governor of DIFC, emphasized that the repayment of the sukuk not only reflects DIFC’s financial strength but also demonstrates the Centre's ongoing growth and development. "By fully repaying our 2014 sukuk on time, DIFC showcases its financial strength. Over the past decade, we have strategically invested in premium commercial infrastructure, helping position DIFC as the region’s leading centre for business and finance. We continue to evolve our real estate offerings to meet the increasing demand from businesses looking to establish or expand their presence in Dubai," Kazim remarked.

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The sukuk raised in 2014 by DIFC Investments was primarily used to fund the Centre's real estate expansion and the development of Gate Avenue, a new retail destination within DIFC. Throughout this period, DIFC has maintained disciplined spending on infrastructure projects, while simultaneously enhancing and diversifying its revenue streams. This prudent fiscal management has allowed DIFC to optimize the use of financial instruments and achieve sustainable growth.

DIFC's success in repaying the sukuk is a testament to its financial strategy and ongoing efforts to solidify its standing as a leading global financial centre.

Nov. 11, 2024 12:44 p.m. 485

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