Built to inform

Sign up for the daily newsletters

No, Thank you

Emaar Properties gets $1.5bn loan from First Abu Dhabi Bank

Dubai-based Emaar Properties has obtained a $1.5bn corporate finance loan from First Abu Dhabi Bank, sources confirmed on Sunday

The loan will have a five-year tenor.
The loan will have a five-year tenor.

Dubai-based Emaar Properties has obtained a $1.5bn corporate finance loan from First Abu Dhabi Bank, sources confirmed on Sunday.  

The property developer agreed on the financing after initially holding talks with some of its relationship banks for three bilateral loans of $500m each, according to a Reuters report.

Emaar came out of the meetings with a $1.5bn loan from First Abu Dhabi Bank, underwriting the whole amount, sources said.

The loan will have a five-year tenor and will pay a margin of 135 basis points over London interbank offered rates.

The company announced earlier this year that it plans to sell as much as 30% of its real estate development business in the UAE in an initial public offering by the end of the year.

The funds raised will primarily be distributed as dividend to Emaar’s shareholders, it said in June, and will be listed on the Dubai Financial Market.

 

Most popular

Awards

CW Oman Awards 2019: Countdown begins for gala event in Muscat
The winners and highly commended entries of the eighth CW Oman Awards will be named

Conferences

Leaders Kuwait 2018: New Kuwait 2035 needs smart city-led contracts
Localisation and contract modernisation are essential for Kuwait's diversification strategy
Construction Week's Leaders Kuwait 2018 summit opens
Speakers from Kuwait's Supreme Council for Planning and Development and CSCEC ME are at today's

Latest Issue

Construction Week - Issue 733
Mar 14, 2019