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Dubai government says picks HSBC to arrange $3 billion airport financing

Reuters
The HSBC logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause (Reuters)

DUBAI (Reuters) - The government of Dubai has chosen HSBC to arrange initial funding of $3 billion (£2.45 billion) towards the expansion of Al Maktoum International Airport, according to a statement on UAE state news agency WAM. The financing will be raised by a consortium of Dubai state entities, comprising of the Department of Finance, state-owned fund Investment Corporation of Dubai, and the Dubai Aviation City Corporation. The funds will come from a variety of sources and will include conventional and Islamic tranches, the statement added. Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum in September 2014 approved a $32 billion investment to expand the emirate's second airport, with an aim to handle up to 120 million passengers a year by 2022. (Reporting by Hadeel Al Sayegh; Editing by David French)