Jebel Ali FZ repays Dh2b loan ahead of schedule

Jebel Ali Free Zone hosts over 7,000 of the world's finest businesses.

The continued successful operational performance of the free zone enabled it to generate enough cash to clear its debt much ahead of the maturity date.

Jebel Ali Free Zone has made an early repayment of its Dh2 billion Islamic loan facility to banks nearly four-and-a-half years ahead of its scheduled maturity in June 2020.

The Islamic facility was arranged in June 2012 to partly refinance its maturing sukuk issued earlier in 2007. After the repayment, the free zone will have only one external debt of $650 million due under sukuk maturing in June 2019.

"This is perhaps the most significant milestone in the history of Jebel Ali Free Zone. Early repayment manifests the true commitment of the shareholder and Government of Dubai to reduce the debt of overall Dubai World Group," said Sultan Ahmed bin Sulayem, chairman of Economic Zones World, the holding company of the free zone.
The continued successful operational performance of the free zone enabled it to generate enough cash to clear its debt much ahead of the maturity date, Bin Sulayem said. "Jebel Ali Free Zone is thankful to the banks that placed its trust and confidence in the free zone, by lending it Dh4.4 billion during challenging market conditions in mid-2012."

Bin Sulayem, on the free zone's future plan, said: "Jebel Ali Free Zone will continue to invest in additional facilities based on market demand and it expects to fund new developments from accrued resources."

Jebel Ali Free Zone is the trade and logistics hub for the wider Middle East region that spans from West Asia, the CIS, Africa and Indian Subcontinent. Over 7,000 world's finest businesses that includes 100 Global Fortune 500 companies have chosen the free zone as their regional hub to serve these markets efficiently.

"As a favoured investment destination and a business facilitator, we will continue to provide our customers the best of facilities, services and an enabling ecosystem to support them in realising their aspirations in the region most efficiently," the chairman said.