Dubai: Meydan inks $476m fund deal with Qatar bankby Neha Bhatia on Mar 15, 2016
Dubai-based Meydan Group has reportedly inked a deal to obtain funds for its future projects.
The $476m (AED1.7bn) agreement has been signed with Qatar National Bank (QNB), and its UAE affiliate, Commercial Bank International.
The developer's projects in the city include the Meydan One and Meydan Racecourse.
Meydan's initiative to obtain financing for its upcoming projects indicates optimism in the UAE market, currently facing a regional slowdown spurred by low oil prices.
Citing Gulf News, Reuters said the loan's tenor is longer than seven years, calling it "unusually long for a corporate loan in the Gulf".