Dubai’s Jafza Gets Go-Ahead To Repay Aed7.5 Bln Sukuk Early

Dubai’s Jebel Ali Free Zone ( Jafza ) has received consent from holders of its 7.5 billion U.A.E. dirham ($2.04 billion) Islamic bond to repay the debt early.

Jafza received approval to amend the instrument’s conditions from holders of 89% of the sukuk shares, the free zone operator said in a statement on the website of the Nasdaq Dubai.

 Jafza , which runs the area around Dubai’s main Jebel Ali port, sought the amendment early this month, saying it was in “advanced discussions” with a group of banks to secure a financing package to address the debt, originally set to mature in November Zawya reported.