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Dubai to sell debt based on future duty free revenues

06 March 2012

The government of Dubai plans to raise funds by selling debt based on future revenues at Dubai Duty Free, one of the world's largest airport retailers, Reuters has reported, citing three unnamed sources. The emirate's Department of Finance is working in tandem with the Investment Corp of Dubai (ICD) which owns the retail operator, said the sources. "There is an exercise going on within Department of Finance with ICD to look to see whether there could be a securitisation of Dubai Duty Free funding," a source said. Sales at Dubai Duty Free, which covers a sprawling 18,000 sqm of retail space at Dubai International Airport, rose 15.7% to $1.46bn in 2011.

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