DUBAI, Sept 5 Dubai's Emaar Properties
plans to fund development of a golf course district in the south
of the emirate with a little equity, a little debt and off-plan
sales, Emaar chairman Mohammed Alabbar said on Monday.
The district, with an area of nearly 7 square kilometres
(2.7 square miles) and located near Al Maktoum International
Airport, is to include over 15,000 homes, an 18-hole golf
course, three- and four-star hotels, shops and schools.
The first phase of the project, owned 50 percent by Emaar
and 50 percent by Dubai Aviation City Corp, will take four years
to build, Alabbar told reporters.
He declined to give a cost estimate for the project but
asked whether Emaar might issue bonds to finance it, said that
while the company had a good cash position and wanted to be
conservative on debt, it would take advantage of current low
"The interest rate is so sweet," he said.
(Reporting by Hadeel Al Sayegh; Writing by Andrew Torchia)