Dubai's duty-free company lines up $1.75B in loansThe Associated Press
DUBAI, United Arab Emirates -- Dubai's airport duty-free company says it has lined up $1.75 billion in loans to pay for the expansion of the city-state's main airport.
Dubai Duty Free said Sunday the six-year syndicated credit facility is the largest such financing package for a Dubai state-linked firm since 2008, the year before a financial crisis rocked the emirate.
A group of 26 international, regional and local banks are providing the loans. Overseas banks Citigroup and HSBC were among the lenders arranging the package.
DDF is one of the largest airport retailers in the world. It pulled in $1.4 billion in sales last year.
The company is fully owned by the government-run Investment Corporation of Dubai, which also controls the city-state's Emirates National Oil Company and the Mideast's biggest airline Emirates.