Emaar secures $1.5bn loan

May 31, 2014 1:12 am

Emaar Properties has secured a $1.5bn Shari’ah-compliant loan from five local lenders, Reuters has reported, citing two banking sources aware of the matter. The developer of the world’s tallest building has raised the seven-year facility which will pay 175 basis points over the London interbank offered rate, the sources said. The new loan replaces an existing facility worth $980m which was raised in 2011 and was secured against Dubai Mall – one of the world’s largest shopping malls – to help secure a lower borrowing rate.