IslamicFinance.de

Jebel Ali Free Zone FZE wants to raise a mix $1.85 billion from a bank facility and the sale of Islamic bonds to help refinance its 7.5 billion-dirham ($2 billion) debt maturing in November.
It appears that the company authorized Abu Dhabi Commercial Bank PJSC, Abu Dhabi Islamic Bank PJSC, Citigroup Inc., Dubai Islamic Bank PJSC, Emirates NBD PJSC, National Bank of Abu Dhabi PJSC and Standard Chartered Plc to prepare investor meetings in Asia, Europe and the Middle East from June 5 ahead of a possible sukuk sale.

The bank cut off because it seeks to consolidate the business.

The bank is working on two Islamic bond or sukuk sales for the first quarter and may underwrite four to five Islamic bond sales in 2011.

A proposal to merge Emirates Islamic Bank controlled by Emirates NBD PJSC, with Dubai Bank and Noor Islamic Bank is supposed to be considered reported Emirates 24/7 on Oct 13. Noor disputed the report, stating it “categorically denies the market rumors about any potential acquisition of, or merger with, any financial institution.”