Dubai Investments in talks with banks for $300 million loan

Dubai Investments is in talks with banks for a $300 million loan that would go towards financing its Mirdif Hills project in Dubai, its chief executive told Reuters on the sidelines of a company event late on Wednesday.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, is in negotiations with three UAE lenders and one Gulf bank, Khalid Bin Kalban said.

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 Dh2.5bn, Bin Kalban said.

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