DMCC Signs $200 Million Gold Financing Deal
February 21, 05
The Dubai Metals & Commodities Centre (DMCC) yesterday announced an agreement with two banks to create sharia (Muslim law) compliant gold financing with an initial principal amount of $200 million.
DMCC has appointed Dubai Islamic Bank (DIB) as Mandated Lead Arranger and Joint Lead Manager, and Standard Bank (SB) as Joint Lead Manager for the Islamic financing, a first for the Gulf region.
The money will be used to finance the development of market infrastructure for the DMCC free zone which caters to commodity related businesses in Dubai, including the construction of three towers.
DMCC said its central mission is to establish industry-specific, state-of-the-art, infrastructure and related support services for commodity related businesses in Dubai, serving the Middle East markets and beyond.
A team from DIB and SB will join DMCC on international roadshows to meet prospective investors. The roadshows are scheduled for early March and will target investors in Europe, Asia and Gulf countries who are members of the Gulf Cooperation Council (the