Emaar inks US$1 billion financing facility backed by Dubai Mall
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Mon December 19, 2011 2:27 pm

UAE. Dubai's Emaar Properties, builder of the world's tallest tower, has signed a US$1 billion financing which is secured against its mammoth Dubai Mall, the developer said in a statement on Monday.

The two-tranche facility, which consists of both sharia-compliant and conventional funding, is split between a five-year tranche and an eight-year amortising loan and carries a margin of 350 basis points.

Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered have providing the finance, which will be initially used to repay an existing US$300 million facility taken out in 2010, Emaar said.

The new facility will benefit the company by extending its debt maturity profile and reducing the cost of its borrowing, the statement added.

Dubai Mall is one of the world's largest malls, with an indoor Olympic-sized ice skating rink and a two-storey high aquarium.

Sources told Reuters in September that the developer was in the process of raising around US$800 million through a two-tranche loan which was backed by four malls, including Dubai Mall, one of the world's largest shopping centres.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: February 10, 2016
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
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UAE. Across the Middle East, educational institutions and providers face a myriad of challenges and opportunities; "Educational organizations are increasingly being asked to demonstrate their wider impact and contribution to goals around employability, social mobility and inclusion."
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UAE. The YPO Global Pulse Confidence Index for the Middle East and North Africa declined for the fifth consecutive quarter, falling nearly one point to 56.4, below the global confidence level of 58.0; Economic confidence in the UAE fell 7.2 points to 50.3, its lowest score in the six-year history of the index.
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
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