Dubai Investments Park rating boosted by earlier sukuk issuance
Dubai Investments Parks (DIP) long-term corporate credit rating has been upgraded to BB+ from BB by the US rating agency Standard & Poors (S&P), with a stable outlook.
The rating was granted due to the companys improved liquidity position, which was strengthened earlier this year following DIPs February AED1.1 billion ($300m), five-year sukuk.
The company will use $218m of the issuance to refinance existing debt. A total of $10m will be used to finance the completion of phase 8 of its mixed-use property development in Dubai.
DIP, a wholly owned subsidiary of Dubai Investments, is a self-contained, mixed-use industrial, commercial and residential complex covering 23 square kilometres.
It is situated near Dubais major Jebel Ali Port and the new Al-Maktoum International airport at Dubai World Central economic zone.
Download the MEED app today from the Apple store and the Google Play store
You might also like...
Region heads for hotel boom
28 March 2024
Lowest bidders emerge for Kuwait housing project
28 March 2024
Red Sea Global awards Triple Bay infrastructure deal
28 March 2024
Global petrochemical output capacity to soar by 2030
28 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.