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Malls unit of Dubai's Emaar Properties raises $1.9b Islamic loan

Published on Jun 1, 2014 3:07 PM
 
Dubai's Emaar Properties said on Sunday that its Emaar Malls Group has raised a US$1.5 billion (S$1.9 billion) syariah-compliant loan through a consortium of local banks to optimise its capital structure ahead of a planned listing of the unit. -- PHOTO: REUTERS

DUBAI (Reuters) - Dubai's Emaar Properties said on Sunday that its Emaar Malls Group has raised a US$1.5 billion (S$1.9 billion) syariah-compliant loan through a consortium of local banks to optimise its capital structure ahead of a planned listing of the unit.

Emaar said the loan is repayable in seven years and carries a profit rate of 1.75 per cent over the London interbank offered rate (Libor).

The funds are provided on an equal basis by three Dubai lenders - Dubai Islamic Bank, Mashreq and Noor Bank - and two from Abu Dhabi - First Gulf Bank and National Bank of Abu Dhabi, Reuters reported on Thursday.

Emaar did not specify which banks were involved in the statement.

 
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