Dubai International Financial Centre (DIFC) has announced the complete redemption and timely repayment of a $700 million sukuk. The move represents a key milestone in the execution of its sustainable financing strategy and underscores its dedication to responsible financial management.
Financial strength
The successful repayment of the sukuk is a testament to DIFC’s financial robustness and the effectiveness of its comprehensive financial policies, which enhance the efficiency of the Centre’s debt and financing portfolio. These policies further aim to lower borrowing costs, minimize refinancing risks, prioritize cash generation from core operations, and ensure medium- to long-term financial stability.
Essa Kazim, governor of DIFC, remarked that the full repayment of the 2014 sukuk on schedule showcases the organization’s financial strength. He further noted that over the past decade, investments in top-tier commercial infrastructure have positioned DIFC as the region’s premier hub for business and finance. He also mentioned that they are continually enhancing their real estate offerings to accommodate the increasing demand from companies seeking to establish or expand their presence in the city.
Prudent financial management
The sukuk was issued through DIFC Investments to finance the Centre’s expansion, including the development of real estate infrastructure and the new retail attraction, Gate Avenue. Additionally, DIFC has maintained prudent spending on all its projects and developments, diversified its revenue streams, and optimized its use of financial instruments.
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