Dubai Aerospace Enterprise (DAE) plans to raise $2.1 billion to meet working capital requirements, according to a Bloomberg report cited by Zawya. The seven-year loan will be arranged by major institutions including Bank of China, ICBC, and China Construction Bank (Asia). The financing will be split into US dollar and UAE dirham tranches.
Sheikh Mohammed bin Rashid Al Maktoum has issued a decree establishing the board of directors of the Investment Corporation of Dubai. Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum was named Chairman, with First Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum serving as Vice Chairman. The decree took effect on its issuance date and will be published in the Official Gazette.
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