Dubai: Meydan inks $476m fund deal with Qatar bank
Qatar National Bank and its UAE affiliate have reportedly signed the loan agreement with Meydan, with the developer set to utilise these funds for future projects
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".