Middle East Economic Survey

VOL. XLIX

No 1/2

2/9-January-2006

UAE

PCFC $2.8Bn Sukuk To Be 50%-75% Oversubscribed

Dubais Ports, Customs and Free Zone Corporation (PCFC) issue of a $2.8bn Sukuk is likely to be oversubscribed by 50% to 75% and is expected to raise between $4bn to $5bn, lead-managers of the issue Dubai Islamic Bank (DIB) and Barclays Capital (BC) announced in mid-December 2005. The issue is part of a large financing package being arranged for PCFCs expansion projects, and its proceeds...