Dubai’s Meydan eyes loan
Dubai's Meydan Group, a major developer of hospitality and entertainment facilities in the emirate, is seeking a syndicated loan of a minimum of 450 million dirhams ($122.5 million) to finance a hotel project, sources said. Meydan is building several projects in the emirate, including Dubai Canal, a 3-kilometre stretch of waterway between Dubai's Business Bay and the coast, and additional real estate projects next to its Meydan Racecourse, home of the Dubai World Cup horse race. Meydan signed a deal to obtain $476 million of financing from Qatar National Bank (QNB) and QNB's United Arab Emirates affiliate Commercial Bank International, to support investment in new projects. It also obtained 1 billion dirhams of Islamic financing in June to strengthen Meydan's capital structure, diversify its investor base and support new projects.
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