Emaar Properties PJSC, the global property developer, has signed a new financing facility amounting to US$500 million (approx AED 1.835 billion) with a consortium of banks including Standard Chartered Bank, Emirates NBD Capital Limited and HSBC Bank PLC.
Underlining the financial strength and commitment of the company to undertake large scale projects, the new financing facility will be used for the development of Emaar Square, the second mixed-use development by Emaar in Turkey. The facility will be repaid in seven years.
Mohamed Alabbar, Chairman of Emaar Properties PJSC, said: “Having recorded strong financial performance this year, Emaar is focused on the on-schedule completion of our master-planned projects in key emerging markets and in Dubai. The new financing facility highlights Emaar’s ability to raise long-term finance and reiterates the strong market confidence in our development competencies and our ability to successfully deliver projects.”
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