Monday 19 December 2011

Emaar inks US$1 billion financing facility backed by Dubai Mall -- bi-me.com

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.


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