Dubai Investments, the largest investment company listed on the Dubai Financial Market, is planning an AED1bn (US$272m) Islamic bond offering as it seeks to pay off debt and finance expansion, which could include as many as six acquisitions, its CEO said.
The firm has 32 companies with interests in real estate, manufacturing and finance.
“Part of what we are borrowing now will pay partly some of the loans against some of the manufacturing units which were subjected to penalties and higher costs of borrowing," Khalid Bin Kalban said in an interview with Arabian Business. “Once we get that AED1bn we will restructure, maybe we will increase some of the capital of those companies, reduce their costs and their profitability will be higher."
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