dubai world unit eyes sale
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Dubai World unit eyes sale

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Dubai World unit eyes sale

Dubai - Arabstoday

Economic Zones World (EZW), a unit of Dubai World, is considering the sale of its UK-based warehouse property developer Gazeley, as it looks to repay some of its debt of over $2 billion (Dh7.36 billion) this year, three banking sources said. Gazeley is one of the four businesses held by EZW, which operates technology, logistics and industrial parks as well as Jebel Ali Free Zone (Jafza) under the Dubai World Group umbrella. A potential sale of Gazeley will help EZW repay a portion of debt maturing at Jafza, the sources said, speaking on condition of anonymity. Jafza is aiming to refin-ance a $2.04-billion Islamic bond maturing next November. The firm has hired investment bank Rothschild for that process, two of the sources said. Article continues below Dubai World bought Gazeley from Wal-Mart Stores in 2008 for an estimated £300 million to £400 million (Dh1.68 billion to Dh2.24 billion) but a likely sale could only happen at a discount due to the current economic climate and lack of buyers, two sources said. \"They (EZW) have earmarked it for sale. Banks are chasing that mandate but don\'t think they have officially named anyone,\" one of the sources said. \"Gazeley is a mediocre asset. They will be lucky to generate the purchase price on it given the current market conditions,\" he added. Gazeley has so far developed around 6.4 million square metres of warehousing, according to the company\'s website. EZW declined to comment on the matter. Confident Its chairman Hesham Abdullah Al Shirawi said last month that he does not rule out asset sales to help raise funds to pay off Jafza\'s debt but said the company does not need to seek government support. Ratings agency Moody\'s said last month that Dubai, which has restructured some $41 billion in debt related to Dubai World, faces refinancing risks related to three state-linked entities, including Jafza. Rival ratings firm Standard & Poor\'s has named the Jafza bond maturity as among Dubai state-linked obligations in 2012 with the greatest chance of encountering repayment issues.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai world unit eyes sale dubai world unit eyes sale

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

dubai world unit eyes sale dubai world unit eyes sale

 



GMT 11:03 2018 Tuesday ,23 January

No end to eyesores at Taj Mahal

GMT 10:18 2018 Thursday ,30 August

Iran incapable of closing Hormuz, Bab Al Mandeb

GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 04:53 2016 Monday ,16 May

English Premier League results

GMT 05:06 2024 Tuesday ,06 February

New hunt for flight MH370 gets under way

GMT 06:15 2018 Tuesday ,23 January

Volkswagen clinches record sales

GMT 13:13 2016 Wednesday ,14 December

Unarmed old man killed by police in California

GMT 15:00 2017 Wednesday ,08 March

1 killed, 2 missing due to Avalanche in French Alps

GMT 12:07 2017 Saturday ,25 February

Renault’s R.S.17 features Infiniti co-built ERS

GMT 12:52 2017 Saturday ,04 November

Belgium 'to study' Spain's EU warrant for Catalan leader

GMT 08:40 2017 Wednesday ,01 November

Miss Morocco launch her first charity program

GMT 16:26 2016 Friday ,04 November

All Black brothers in arms ready for rare double

GMT 08:21 2017 Saturday ,30 September

Al Sayed underlines economic improvement

GMT 10:27 2017 Wednesday ,13 December

Strikes kill 12 in rebel-run Yemen prison camp

GMT 10:52 2017 Saturday ,14 October

NGOs slam UN aviation agency plan
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice