Dubai Investments Park Development Company, or DIPDC, a wholly-owned subsidiary of Dubai Investments, has announced that its long-term corporate credit rating has been upgraded to BB+ from BB by Standard & Poor's Ratings Services, with a stable outlook on the basis of stronger liquidity.
Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential complex operated by DIPDC. Spread across an area of 23sqkm, it is a city within a city offering world-class infrastructure and outstanding facilities and services.
Khalid Kalban, chairman of DIPDC and managing director and chief executive officer of Dubai Investments, said: "The upgrade in the ratings by Standard & Poor's is a major endorsement for DIPDC and reflects the improved liquidity within the DI group, following the successful Sukuk issue earlier this year and our strong growth potential."
Following a series of investor meetings targeting key investors across the UAE, London and Singapore, DIPDC was able to capitalise on the positive investor feedback and appetite to raise $300 million.
"The heavy over subscription of the DIPDC Sukuk was on account of a combination of factors.
We value our relationship with DIPDC and the overall DI Group and are privileged to have assisted them in relation to their landmark debut Sukuk offering," said Sanjay Vig, Managing Director, Alpen Capital
Bin Kalban, Chairman and Managing Director of DIPDC, said, "We set out on this exercise with dual objectives of creating awareness about Dubai Investments Park and building a relationship with the international fixed income community.
DIPDC, rated BB / Stable (S&P), is a wholly-owned subsidiary of Dubai Investments PJSC - the largest investment company listed on the Dubai International Financial Market.
Alpen Capital (ME) Limited and Nomura International plc acted as the Rating Advisors to DIPDC.
Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential complex operated by DIPDC. Spread across an area of 23 square kilometers, it is a city within a city offering world-class infrastructure and outstanding facilities and services.
Khalid Kalban, Chairman of DIPDC
and MD & CEO of Dubai Investments, said, "We are pleased with the outcome and appreciate the diligence and hard work put in by S&P in the rating process with DIPDC