$3bn financing for airports expansion
01 June 2017
The Dubai government said it has secured $3 billion in long-term financing for expansion and development of the Dubai International Airport (DXB) as well as the Al Maktoum International Airport (DWC).
The signing of Airport Financing Company (Finco) credit facilities was made by the Department of Finance for the Government of Dubai (DOF), the Investment Corporation of Dubai and Dubai Aviation City Corporation. The facilities represent the debut financing for Finco as part of the long-term funding platform established for Dubai Airports. HSBC acted as the financial advisor.
The facilities also signify the first stage of a larger funding programme which will transform DWC into the primary airport for Dubai and serve up to 146 million passengers by 2025.
“Dubai remains firmly committed to the development of the DWC and to the growth of the global aviation sector, and this initial $3 billion transaction to support Dubai’s ambitious 2025 passenger capacity targets is testament to our belief,” said chairman of Dubai’s Supreme Fiscal Committee Sheikh Ahmed bin Saeed Al Maktoum.
The facilities comprise a $1.625 billion seven-year conventional and a $1.475 billion equivalent dirham denominated seven-year Ijara.
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