By Andy Sambidge
Dubai firm says agreement signed with two banks to fund investment in future developments
Dubai's Meydan Group has signed a financing deal with Commercial Bank International (CBI) and Qatar National Bank Group (QNB) to fund investment in infrastructure projects.
The deal will finance infrastructure across the Meydan territory, which includes part of the Real Estate Development of the Meydan Racecourse district.
Meydan did not reveal the value of the financing agreement which was announced after the company revealed plans for a new $327m residential complex.
Millennium Estates will comprise 198 luxury villas which will occupy the southern extension of the Meydan City masterplan area, next to the grandstand.
Construction already has started, with completion scheduled for late 2015.
Saeed Humaid Al Tayer, Meydan's chairman and CEO, said: "Meydan's goals are in direct synergy with those of CBI and QNB Group, to encourage growth and further alliances across the GCC.
"We would like to thank them for their instrumental support in financing our ongoing efforts and commitment to the growth and prosperity of the region."
CBI's CEO, Kris Babicci, added: "We are delighted to be a part of this landmark financing. The deal reinforces CBI's commitment to supporting key growth sectors in the UAE."
QNB is the largest bank in the Middle East and North Africa region with total assets of almost $101bn at the end of 2012.
The announcement comes at a key time in Meydan's commercial development as it prepares a raft of major announcements over the next few weeks with partners across significant residential, logistics and facilities projects on its territory, which stretches for over 3.7 million sq m.