Dubai Investments seeks $300m loan

For full coverage of Middle East business, see MEED

Dubai Investments chief executive Khalid bin Kalban said yesterday that the conglomerate is in talks with banks for a $300m loan that would go towards financing its Mirdif Hills project in Dubai.

Sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake in Dubai Investments.

Reuters reported that Dubai Investments is in negotiations with three UAE lenders and one Gulf bank.

The loan is expected to be finalised by the end of the summer, he said. The Gulf bank will lend in dollars, and the local banks will lend in UAE dirhams, he added.

Mirdif Hills is a mixed-use residential, commercial and retail development. The development of the project is expected to cost Dh1 billion, but the project in addition to the land bank is worth about AED 2.5bn, Reuters reported Bin Kalban as saying.