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Emaar, Dubai Properties in talks for $1.1bn loan

MIDDLE EAST BUSINESS NEWS
Fri, 08 Dec 2017
DUBAI


Emaar Properties, a leading Dubai-based developer, is in discussions with banks to obtain a loan facilities in partnership with another major developer Dubai Properties, reported Reuters, citing sources.

Discussions are taking place on a bilateral basis with individual banks for a financing package which, according to one of the sources, could be as large as around Dh4 billion ($1.01 billion), it stated.

The money would back projects including a shopping mall and a tower, as Emaar embarks on new developments despite sluggish property prices in Dubai.

Emaar, the builder of the world's tallest tower, Burj Khalifa, had last month sold a 20 per cent stake in its subsidiary Emaar Development in an initial public offer that raised $1.31 billion, it added.



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