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15-05-14

Dubai's ICD issues USD700m sukuk

(MENAFN) Investment Corporation of Dubai (ICD) said that it has recently issued an Islamic bond worth USD700 million, and USD300-million conventional bond, according to Gulf News. ICD could raise USD750 million in April from debt sale aimed to repay its fiscal debt, pay for infrastructure projects and to refinance more expensive obligations. Dubai plans to benefit from lower yields and increased appetite for its paper, as well as from a strong recovery after the global financial crisis left its economy in tatters.