By Sarah Townsend
Financing includes $190m sukuk and $81.6m facility ‘to enhance developer’s capital structure’
Dubai real estate developer Meydan Group has raised AED1 billion ($270 million) in Islamic financing from UAE banks, it announced on Sunday.
The financing was raised on a dual tranche offering and comprised an AED700 million ($190 million) sukuk issue and AED300 million ($81.6 million) term facility, both maturing in 2024, the developer said.
The deal was structured to meet Meydan’s financing objectives, it added, which include enhancing its capital structure, diversifying its investor base and securing additional funding for new projects.
Abu Dhabi Islamic Bank (ADIB) acted as sole coordinator and structuring bank for the financing, and also as joint lead manager and bookrunner for the sukuk issue with Al Hilal Bank, along with Sharjah Islamic Bank and Ajman Bank.
Saeed Humaid Al Tayer, chairman and CEO of Meydan Group, said: “This facility assists in realising our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth and enable us to fulfil our business strategy of linking the world with the emirate of Dubai.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.