DUBAI Dec 28 Dubai-based developer Meydan has
secured 1 billion dirhams ($272 million) in Islamic financing
from banks to fund projects in Dubai, according to a joint
statement from the firm and the lead bank on the financing.
Meydan is involved in several projects in the emirate,
including a scheme on the banks of the Dubai Water Canal, a
3-kilometre stretch of waterway between Dubai's Business Bay and
the coast, and a real estate development next to its Meydan
Racecourse, home of the Dubai World Cup horse race.
The funding will go towards those projects and future
schemes, the statement said.
Abu Dhabi Islamic Bank (ADIB) acted as the sole
bookrunner and mandated lead arranger on the facility, with
Dubai Islamic Bank and Al Hilal Bank mandated lead
arrangers for the financing, which matures in December 2018.
Meydan has been an active borrower in recent months. The
company was talking to banks about a 600 million dirham
syndicated loan, Reuters reported earlier this month.
In March, it signed a deal to obtain $476 million of
financing from Qatar National Bank (QNB) and QNB's United Arab
Emirates affiliate Commercial Bank International to support
investment in new projects.
It also obtained 1 billion dirhams of Islamic financing in
June, comprising a 700 million dirham sukuk issue and a 300
million dirham term facility, both maturing in 2024. ADIB acted
as the sole coordinator and structuring bank for the financing,
as well as a joint lead manager and bookrunner for the sukuk.
($1 = 3.6726 UAE dirham)
(Reporting By Tom Arnold; Editing by Elaine Hardcastle)