UAE: The Dubai government has completed the syndication of a US$600 million Ijarah financing facility to pay off part of an existing Dubai Civil Aviation facility of US$1 billion, which reaches maturity this month. The balance will be settled using its existing resources.
The government has also exercised a US$35 million “green shoe” option for the syndication, due to strong demand especially from international institutions.
Dubai Islamic Bank acted as the coordinator for the facility, as well as one of the mandated lead arrangers and book runners along with Emirates NBD, Noor Islamic Bank, Industrial & Commercial Bank of China and WestLB.