FINANCIAL NEWS

UAE- DMCC redeems 5-year Islamic bonds

10 May 2010

(MENAFN) The Executive Chairman of the Dubai Multi Commodities Center (DMCC) announced that the center it has redeemed its $200 million Islamic bond, or sukuk, issued in May 2005, as the final $20 million repayment on this five-year sukuk was made on schedule, Khaleej Times reported.

The proceeds of the 2005 issue were used by DMCC to finance the construction of commercial buildings in Jumeirah Lakes Towers (JLT), a 200-hectare mixed-use free-zone administered by DMCC.

The sukuk issue was subscribed by financial institutions across the Middle East, Asia and Europe, who had the option of receiving repayments in either US dollars or gold bars.

The chairman affirmed that DDMCC is on track to complete the JLT project by mid-2012 and will continue to strive to meet its customers demands.

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