The Dubai government has secured $3 billion (Dh11 billion) in credit facilities to finance the expansion of Dubai’s two airports — Dubai International and Al Maktoum International (DWC). The credit facilities signify the first stage of a larger funding programme that will turn DWC into the emirate’s primary airport, serving up to 146 million passengers by 2025. The deal comprises a $1.6 billion, seven-year conventional loan, and a $1.48 billion equivalent, seven-year ijara dominated in dirhams. Ijara is a common lease-based structure used in Islamic finance. HSBC acted as the financial adviser on the deal. The financing was raised by

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