Meydan Group has secured AED 1bn ($272mn) in Islamic financing from banks to fund projects in Dubai including plots alongside the new Dubai Water Canal.
Abu Dhabi Islamic Bank (ADIB) acted as the sole bookrunner and mandated lead arranger on the facility, with Dubai Islamic Bank and Al Hilal Bank mandated lead arrangers for the financing, which matures in December 2018.
The Dubai-based developer is involved in several major schemes including on the Dubai Water Canal and the Mohammed Bin Rashid City real estate development next to its Meydan Racecourse and the Entizar Tower on Sheikh Zayed Road.
In March, Meydan obtained $476mn 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 AED 1bn of Islamic financing in June, for which ADIB acted as the sole coordinator and structuring bank for the financing, as well as a joint lead manager and bookrunner for the sukuk.
This facility assists in realising our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth, said Saeed Humaid Al Tayer, Chairman and CEO of Meydan Group, in a statement.