UAE banks agree $245 mln loan for three-tower Dubai development | Reuters:
"Two banks in the United Arab Emirates have signed a 900 million dirham ($245 million) loan facility to fund construction of a three-tower real estate project adjacent to Dubai's main thoroughfare.
Dubai's real estate sector has been showing signs of recovery in recent months, with prices rising and new projects being announced. Prices had tumbled by more than 50 percent from their 2008 peak at the height of the property boom.
Monday's statement from Dubai lender Emirates NBD (ENBD) said that ENBD and Abu Dhabi's First Gulf Bank had provided the funding to local developer Abdulsalam Al Rafi Group to build Burj Al Salam Towers."
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