Dubai Investments in talks with banks for $300m loan
Dubai Investments is in talks with banks for a $300 million loan that would go towards financing its Mirdif Hills project in Dubai, its chief executive told Reuters on the sidelines of a company event late on Wednesday.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, is in negotiations with three United Arab Emirates lenders and one Gulf bank, Khalid Bin Kalban said.
The loan is expected to be finalised by the end of the summer, he said. The Gulf bank will lend in dollars, and the local banks will lend in UAE dirhams, he added.
Mirdiff Hills is a mixed-use residential, commercial and retail development. The development of the project is expected to cost 1 billion dirhams ($272 million), but the project in addition to the land bank is worth about 2.5 billion dirhams, Bin Kalban said.