Error message

  • Warning: mysqli_connect(): php_network_getaddresses: getaddrinfo failed: Name or service not known in include() (line 276 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).
  • Warning: mysqli_connect(): (HY000/2002): php_network_getaddresses: getaddrinfo failed: Name or service not known in include() (line 276 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).
  • Warning: mysqli_close() expects parameter 1 to be mysqli, boolean given in include() (line 300 of /var/www/www.monocodebase.com/htdocs/sites/default/settings/www.constructionweekonline.com.settings.php).

Meydan gets financing for infrastructure projects

Deal signed with Commercial Bank International & Qatar National Bank

NEWS, Business, Meydan

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 3.7m m2.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020