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flydubai to make Sukuk issuance in 2014

flydubai to make Sukuk issuance in 2014
DIB
DIB
-0.17% 5.83 -0.01
Emirates NBD
EMIRATESNBD
0.00% 17.30 0.00
FAB
NBAD
-0.15% 13.38 -0.02
Dubai Aviation Corporation, flydubai for economic travel, has announced assigning Credit Agricole, Dubai Islamic Bank (DIB), Emirates NBD, HSBC, the National Bank of Abu Dhabi (NBAD), Noor Bank and Standard Chartered Bank to arrange a possible Sukuk issuance for the Company, according to Al Bayan newspaper.

flydubai plans to launch its Sukuk issuance in 2014, Arabian Business quoted unidentified sources as saying, adding that although the assigning of banks takes six months to complete, flydubai hopes to complete this process within two months, so that it can launch the issuance by the end of the year.

flydubai chief financial officer Mukesh Sodani had stated at an earlier time that the airline is examining means of raising funds through a Sukuk or bond issuance.

Sukuk seemed to be the best option, he added.