DUBAI, United Arab Emirates - An indebted business park owned by Dubai's government says it has received sufficient support from lenders to repay $2 billion early as part of a broader refinancing effort.
Jebel Ali Free Zone said in a Nasdaq Dubai statement Sunday that creditors representing about 89 per cent of the 7.5 billion dirham sukuk, or Islamic bond, have approved the plan.
JAFZ was supposed to repay the debt this November. It sought agreement from lenders to repay it early so it could put a new refinancing plan in place.
JAFZ operates a sprawling industrial and logistics park next to Dubai's Jebel Ali port, the Mideast's largest.
Dubai's ability to refinance this year JAFZ's debt and that of another company, DIFC Investments, is seen as a key test of the city-state's financial health.