Middle East Economic Survey

VOL. XLVII

No 25

21-June-2004

UAE

CAPITAL MARKETS

Record $750mn Sukuk To Fund Dubai Airport Expansion

Dubais Department of Civil Aviation (DCA) announced on 12 June that it had mandated Dubai Islamic Bank (DIB) to lead manage, arrange and act as bookrunner for its inaugural issue of $750mn worth of Ijara sukuk (Islamic leasing bonds). This issue, which will be used to fund a major part of the second phase of Dubai International Airports expansion, supersedes Qatars 2003...