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 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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