Cabinet allows $ 3Bn borrowing through Sukuk, Eurobonds

The federal cabinet has allowed immediate borrowing of up to $ 3Bn from international debt markets by floating three sovereign bonds and has also waived a dozen taxes to make deals attractive for investors. Both the Sukuk and Eurobonds are expected to be launched in the second half of Nov.’17. A consortium of banks have initially indicated that 5-year Sukuk (Islamic bond), 10-year Eurobond and another 30-year Eurobond with combined proceeds can be floated. Road shows are expected to be held in the United Kingdom, United States, Dubai, Singapore and Hong Kong.