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UAE: PLAN TO ISSUE ISLAMIC BONDS TO FUND DUBAI INTERNATIONAL AIRPORT DEVELOPMENT PROJECT.(Brief Article)

IPR Strategic Business Information Database, October, 2004

A-Ra'y newspaper reported on the plan to issue Islamic bonds to fund the development project of the Dubai International Airport. The paper quoted a notice published in late September 2004 by the Dubai Civil Aviation Authority announcing that the total value of these bond will reach $750 million and that total investments in this project will come to $1.4 billion.

It was also announced that Dr. Hussein Hamid Hassan, Director of the Department supervising implementation of Islamic Shar'ia religious standards at the Dubai Islamic Bank, published a detailed announcement on these bonds during the International Islamic Financial Conference held in Istanbul, Turkey, in late September 2004.

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