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Tuesday, 27 December 2016

Meydan Group secures Dh1b financing from Adib |

Meydan Group secures Dh1b financing from Adib |
"The master-developer Meydan Group has secured a Dh1 billion financing from Abu Dhabi Islamic Bank (Adib) that would go to part-finance projects that will line up along the Dubai Water Canal and for general corporate expenditure. There are about 15 to 20 prime plots that the developers of the Canal — Meydan and Meraas — have right on the water-side, extending from the Safa Park all the way through Jumeirah and the sea.
Meydan intends to develop the plots it owns for a soon-to-be-expanded leasing portfolio. These properties will have some of the most coveted sites in Jumeirah, boosted in no part by proximity to the water’s edge. “None of the Canal plots on the Safa Park side of Shaikh Zayed Road have been released — what have been announced are from private developers on the other side of the Rod,” said a top official with Meydan.
“We should have details about how the properties on our plots will shape up in 2017, most likely in the second half.” (Currently, less than 10 per cent of the Meydan revenue stream is made up of its leased portfolio.)"

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