Meydan signs deal to fund part of new racecourse

Dubai World Cup 2010 venue developer inks Sharia compliant AED100m loan.

RACE VENUE: Meydan has inked a deal for a AED100m loan to fund ongoing development of the new Dubai racecourse.

RACE VENUE: Meydan has inked a deal for a AED100m loan to fund ongoing development of the new Dubai racecourse.

The Meydan Group, which is building the new racecourse for the Dubai World Cup in March 2010, has announced it has signed an agreement for an AED100 million Islamic loan with Emirates Islamic Bank (EIB). Meydan will use the Sharia compliant Islamic financing to fund on-going development of the Falcon Carpark next to the Meydan Grandstand, which will have 1m sq ft of leasable space.  Saeed Al-Tayer, chairman of Meydan, said it was a "significant move for future Islamic facility tie-ups".  Meydan is building the AED10bn ($2.72bn) Meydan Racecourse and Grandstand in Dubai. The project will feature all weather and grass racetracks, a 60,000 seat grandstand together with a five-star hotel and an IMAX theatre The surrounding 200m sq ft Meydan City will feature four sub districts spread over a vast area that will include business parks, waterfront residential developments and the Godolphin Tower, in the shape of a racehorse. The Meydan Racecourse and Grandstand will form the centrepiece of Meydan City.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

Raising the bar: DLA Piper plans fresh growth in the Gulf

Raising the bar: DLA Piper plans fresh growth in the Gulf

Legal firm DLA Piper’s Middle East business recorded 10 percent...

Virtue and Vice: The world according to Shane Smith

Virtue and Vice: The world according to Shane Smith

Vice Media co-founder and chief executive Shane Smith set a new...

Most Discussed
sponsoredTracking