The Dubai government has completed a $1 billion Islamic leasing agreement partly to fund the $4.1 billion expansion of Dubai International Airport.
Dubai Islamic Bank, the mandated lead arranger, said in a statement on Sunday that the three-year Ijarah facility was for the Department of Civil Aviation (DCA).
"The work on Dubai International Airport has been progressing very satisfactorily, and with the closing of the $1 billion Ijarah facility we are confident of completing the project as planned," Sheikh Ahmed Bin Saeed al-Maktoum, chairman of DCA, said in the statement.
EIGHT OTHER BANKS PARTICIPATED AS LEAD ARRANGERS: Standard Chartered Bank, ABN AMRO, Deutsche Bank, WestLB, Development Bank of Singapore, Societe Generale, Depfa Bank, and DZ Bank.
Dubai Islamic Bank, Standard Chartered Bank, Deutsche Bank and ABN AMRO were the joint book runners.
Dubai airport is one of the busiest in the Middle East and is a key transit point for passengers from Europe and the Americas to Asia.