Sorouh Raises $640 Million Loan to Repay Bond, Finance Abu Dhabi Projects - Bloomberg

Sorouh Real Estate PJSC, Abu Dhabi’s second-biggest property developer, raised 2.35 billion dirhams ($640 million) in loans to repay Islamic bonds and finance projects in the United Arab Emirates’ capital.

The four-year loan, with a combination of term and revolving credit, has both conventional and Islamic portions, Sorouh said in a statement to the Abu Dhabi bourse today. The facility is secured by a portion of Sorouh’s lands, and was arranged by Abu Dhabi Commercial Bank PJSC, First Gulf Bank PJSC, National Bank of Abu Dhabi PJSC and Noor Islamic Bank.

Sorouh will use 400 million dirhams of the facility to redeem the balance of an asset-backed Islamic bond issued in 2008. The company will use the reminder of the loan to finance the construction of Shams Gate and other developments in Abu Dhabi, according to the statement.