Dubai pledges to collect 9 billion dollars in loans for the “Dubai Ports World” deal

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Reuters quoted informed sources as saying that Dubai has received pledges from a group of 10 banks to collect a loan of $ 9 billion in order to finance the process of returning DP World to government ownership as well as paying the debts of Dubai World.
Dubai said last month that the Dubai Ports and Free Zones Corporation was planning to buy shares listed for Dubai International Ports in a deal valued at $ 13.9 billion.
The sources, who declined to be identified, indicated that the two banks, “Citi” and “Deutsche”, and eight other banks are “Nova Scotia”, “Credit Agricole”, “Emirates NBD”, “Abu Dhabi First”, “HSBC” and “J P. Morgan, Samba Financial and Standard Chartered signed last week obligations that covered the $ 9 billion debt package and an increase.
She explained that the process includes a three-billion-dollar loan of five years, while the remainder of the financing includes shorter-term debt.
As part of the deal, DP World will borrow $ 5.15 billion to finance dividends for Dubai World, which is the sole shareholder of the global ports and free zones company, helping it to fulfill existing obligations to lenders. (Reuters)





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