Dubai's Meydan gets $476m in bank financing for new projects

Funding viewed a fresh sign that the emirate is pushing ahead with big infrastructure plans despite a regional economic slowdown due to low oil prices
Dubai's Meydan gets $476m in bank financing for new projects
By Reuters
Tue 15 Mar 2016 09:25 AM

Dubai's Meydan Group has signed a deal to obtain $476 million of financing from Qatar National Bank (QNB) and QNB's United Arab Emirates affiliate Commercial Bank International, Meydan said on Monday.

Meydan, a major developer of hospitality and entertainment facilities in Dubai including the Meydan Racecourse, said the funding would support investment in new projects - a fresh sign that the emirate is pushing ahead with big infrastructure plans despite a regional economic slowdown due to low oil prices.

Terms of the loan were not disclosed but the Gulf News website quoted a senior Meydan official, which it did not name, as saying the tenor was longer than seven years, unusually long for a corporate loan in the Gulf.

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