Dubai Business Park Operator Tecom Raises $2 Billion From Loans - Bloomberg
Tecom Group, the Dubai business park operator that plans to sell shares in an IPO, raised $2 billion in two-part debt for refinancing, according to data compiled by Bloomberg.
Tecom, part of state-owned Dubai Holding, obtained 4 billion dirhams ($1.1 billion) in five-year Islamic financing from Dubai Islamic Bank and Emirates NBD PJSC, according to the data. It also secured 3.6 billion dirhams in a five-year term loan from Emirates NBD PJSC and First Abu Dhabi Bank PJSC.
Dubai said in December that it plans to list Tecom, which houses the headquarters of more than 5,600 companies, on its stock market. Tecom operates 10 large business complexes such as Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
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