Finance DIFC repays $700m sukuk on time By Pramod Kumar November 11, 2024, 8:39 AM Dubai Tourism The sukuk was raised through DIFC Investments to fund the expansion of the centre with real estate infrastructure and development of new retail attraction Gate Avenue Dubai International Financial Centre (DIFC) has repaid a $700 million sukuk (Islamic bond) on schedule. The timely repayment reflects the centre’s financial strength and results from robust financial policies to enhance the efficiency of its debt and financing portfolio, it said. These financial policies reduce borrowing costs, mitigate refinancing risks, support cash generation from core activities and ensure financial stability in the medium and long term. “Over the past 10 years, we have invested in high-quality commercial infrastructure, which has helped position DIFC as the region’s preferred centre for business and finance,” said Essa Kazim, governor of DIFC. He said the centre is working to develop its real estate offering to meet high levels of demand from companies looking to establish or increase their presence in the city. The sukuk was raised through DIFC Investments to fund the expansion of the centre with real estate infrastructure and development of new retail attraction Gate Avenue. Santander is latest heavyweight to open in DIFC Japan’s Nomura expands Middle East base in Dubai ‘The biggest risk to Dubai is the cost of living’ The financial centre, which celebrates its 20th anniversary this year, is home to 230 banks, more than 400 wealth and asset managers, and 13 of the world’s top 100 hedge funds. Arif Amiri, chief executive officer of DIFC Authority, said in February a total development space of roughly 2 million square feet will be added in the next five years as part of the DIFC 2.0 project to triple the size of the centre. DIFC reported annual revenues of almost AED1.3 billion for 2023, 23 percent up on 2022, while operating profit hit AED859 million, a rise of 27 percent year on year.
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