Meydan signs deal to fund part of new 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.