Meydan wins $272m funding for Dubai canal projects
December 30, 2016
UAE-based master-developer Meydan Group has secured a Dh1 billion ($272 million) loan from Abu Dhabi Islamic Bank (Adib) with a two-year tenure that will help part-finance projects along the Dubai Water Canal, said a report.
ADIB acted as the sole bookrunner and mandated lead arranger, while Dubai Islamic Bank and Al Hilal Bank were the mandated lead arrangers for the financing, which matures in December 2018, reported Gulf News.
A major developer of hospitality and entertainment facilities in Dubai, UAE, Meydan had earlier this year secured another Dh1 billion ($272 million) financing from Adib, but that was structured as a Sukuk-Ijara facility. That has a tenor of eight years.
Also this year, Meydan secured $476 million for a 10-year term from Qatar National Bank and CBI (Commercial Bank International).
Meydan Group said it aims to link the world with Dubai through international horseracing and equestrian events, a range of commercial developments, hospitality, sports, entertainment and amusement services, a series of state-of-the-art business parks, residential villa communities, schools, hospitals, business towers with luxury waterfront developments and shopping destinations.
There are about 15 to 20 prime plots that the developers of the Dubai Water Canal - Meydan and Meraas - have right on the water-side, extending from the Safa Park all the way through Jumeirah and the sea, said the report.
Meydan intends to develop the plots it owns for a soon-to-be-expanded leasing portfolio, it added.