Dubai secures $3 billion to finance airport expansion

Financing will be used to 

Dubai has secured $3 bilion in financing toward the expansion of its airports as it moves forward to transform its economy.

Advised by HSBC, with 12 international and local banks acting as joint mandated lead arrangers and joint bookrunners, according to Reuters, the deal allows for long-term financing including a combination of seven-year conventional and ijara facilities denominated in AED.

The deal comes after Sheikh Mohammed, ruler of Dubai, signed a $32 billion approval toward the expansion of Dubai's Al Maktoum to make it the world's largest airport. The plan to bring in 240 million passengers by 2030 and have aviation account for 45 percent of the Emirate's GDP will require a significant amount of debt funding, according to Bloomberg in January.

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