Emaar Properties, Dubai’s largest developer, is in talks with banks to obtain loan facilities in partnership with Dubai Properties, the real estate arm of Dubai Holding, Reuters reported, citing unnamed sources.
The financing package could be “as large as around $1.01 billion,” the news agency quoted a source saying.
The money will “back projects including a shopping mall and a tower,” as Dubai-listed Emaar takes on new developments despite sluggish property prices in Dubai.
Emaar’s latest financing was a $1.3 billion, five-year loan obtained in September, $1.08 billion of which has been drawn down.
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