(MENAFN) Dubai state-owned Jebel Ali Free Zone (JAFZA) announced the repayment of USD2.04 billion Islamic bond (sukuk) in full on June 21, Reuters reported.
The company, which operates Dubai's industrial hub, used its own cash and a USD1.2 billion sharia-compliant loan, along with a new sukuk issue of USD650 million to redeem the sukuk.
The five months ahead repayment of the sukuk was expected after the company agreed with bondholders to change the terms of the notes in May.
The early repayment helped ease a growing investor concern and lift confidence in the emirate's credit story.
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