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Dubai Department of Finance repays Dubai Civil Aviation Authority $1bn sukuk

  • United Arab Emirates: Monday, November 09 - 2009 at 08:31
  • PRESS RELEASE

The Government of Dubai, acting through the Department of Finance, confirms that it has repaid in full the $1bn Dubai Civil Aviation Authority sukuk, which matured on 4 November 2009.

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This comes after the Government of Dubai issued a two-tranche, $1.93bn sukuk on 28 October 2009, following a highly successful international roadshow which generated a large order book with over 300 investors placing orders in excess of $6.3bn equivalent.

H.E. Abdulrahman Al Saleh, Director General, Department of Finance, said:
"Investment in infrastructure is essential for Dubai's economic success and the development of our world leading airport facilities central to this strategy.

Dubai International Airport has grown rapidly in recent years and has a current annual passenger capacity of 50 million with this number set to continue rising.

The achievements and bright prospects of Dubai were recognised by the global investment community on our recent international roadshow where we were delighted by enthusiastic investor appetite and high levels of confidence in the Emirate."
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Related site: http://www.government.ae/gov

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About the Department of Finance, Government of Dubai:
Under the guidance of His Highness Sheikh Mohamed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and in line with Law no. (5), the Department of Finance, Government of Dubai, was established in 1995.

The mandate of the Department of Finance is to supervise all financial and accounting affairs of the emirate, in addition to issuing consolidated financial statements for the Emirate.

The Department of Finance is responsible for the development of the emirate's general annual budget and its execution in cooperation with all relevant local government departments.

Furthermore, the Department of Finance provides liquidity, including transferring sanctioned budgetary allocations to all relevant government departments. It also oversees the preparation and development of tolls, dues and other resources.

In addition, the Department of Finance verifies the collection of taxes and the provision of general revenues, while also supervising government banking accounts.

For further information, please contact:
Brunswick Gulf
Alex Blake-Milton Tel: (04) 3658263
Azadeh Varzi Tel: (04) 3658262
Jeehan Balfaqaih Tel: (04) 3658265
Lara Lynn Golden Posted by Lara Lynn Golden, News Editor
Monday, November 09 - 2009 at 08:31 UAE local time (GMT+4)

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