The ability of Emaar Properties to close a $980 million syndicated loan from three banks yesterday suggests that refinancing a $10 billion debt pile for Dubai Government and related entities should not be a problem in 2012.
Emaar pledged the Dubai Mall as collateral for the five-to-eight year loan package from Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Bank, and will pay just five per cent interest. Corporates around the world have been rushing to fix loan deals at current low interest rates that may not last in another financial crisis.
Emaar pledged the Dubai Mall as collateral for the five-to-eight year loan package from Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Bank, and will pay just five per cent interest. Corporates around the world have been rushing to fix loan deals at current low interest rates that may not last in another financial crisis.
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