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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.
