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Meydan Group seeks $122.5m loan for new project

Financing for the project is expected to close before the end of November

This photo is for representational purposes only.
This photo is for representational purposes only.

Dubai's Meydan Group is seeking a syndicated loan of at least $122.5m to finance a new hotel project, according to reports on Monday.

Sources said that Commercial Bank of Dubai was leading the discussions for a potential transaction.

Financing for the project is expected to close before the end of November, another source added.

Meydan has secured multiple loans this year to help support investments in new projects, obtaining a $476m deal from Qatar National Bank (QNB) and QNB's United Arab Emirates affiliate Commercial Bank International in March.

 

 

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Construction Week - Issue 753
Nov 09, 2019