DIFC Investment seeks $1bn loan for sukuk repayment

15 March 2012

Three sources have revealed that the investment arm of Dubai's International Financial Centre is looking to secure a $1bn loan to help it meet the June maturity of a $1.25bn Islamic bond, Reuters has reported. Talks with banks to secure finance are still at an early stage, and the final loan amount is expected to be between $900m and $1bn, sources have added. DIFC Investments' (Difci) sukuk obligation has been highlighted by analysts as one of the most challenging refinancings in the Gulf Arab region this year, given the size of the maturity and the firm's limited cash position.

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