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Thu 2 Jun 2016 10:35 AM

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Dubai Investments in talks with banks for $300m loan, says CEO

Loan will go towards Mirdif Hills, mixed-use residential, commercial and retail development that will cost $272 million

Dubai Investments in talks with banks for $300m loan, says CEO
Khalid Kalban, Managing Director and CEO of Dubai Inestments.

Dubai Investments is in talks with banks for a $300 million loan that would go towards financing its Mirdif Hills project in Dubai, its chief executive told Reuters on the sidelines of a company event late on Wednesday.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, is in negotiations with three UAE lenders and one Gulf bank, Khalid Bin Kalban said.

The loan is expected to be finalised by the end of the summer, he said. The Gulf bank will lend in dollars, and the local banks will lend in UAE dirhams, he added.

Mirdiff Hills is a mixed-use residential, commercial and retail development. The development of the project is expected to cost AED1 billion ($272 million), but the project in addition to the land bank is worth about AED2.5 billion, Bin Kalban said.

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