Dubai In­vest­ments to close $299.52m loan by year-end

Kuwait Times - - BUSINESS -

Dubai In­vest­ments, part owned by sov­er­eign wealth fund In­vest­ment Corp of Dubai, plans to close a 1.1 bil­lion dirham ($299.52 mil­lion) loan by De­cem­ber 31, its chief ex­ec­u­tive said yes­ter­day.

United Arab Emi­rates banks First Gulf Bank (FGB) and Abu Dhabi Com­mer­cial Bank have been man­dated for the loan, Khalid Bin Kal­ban told re­porters in Dubai. The loan will be used to build a res­i­den­tial project in Dubai’s Mirdif neigh­bor­hood lo­cated near the world’s busiest air­port for international travel, Dubai International.

Bin Kal­ban said the com­pany would not take the en­tire loan, which is to be de­liv­ered in tranches, if off-plan sales of the project meet ex­pec­ta­tions. Sales launched yes­ter­day.

He also said there are plans to list 30 per cent of Dubai-based Emi­rates Dis­trict Cool­ing (Emi­cool), a joint ven­ture be­tween Dubai In­vest­ments and Union Prop­er­ties, on the Dubai bourse next year.

Bin Kal­ban is also chair­man of Union Prop­er­ties. The list­ing, ex­pected to raise $200 mil­lion, would only go ahead if mar­ket con­di­tions im­proved, he said, adding that plans to list this year were can­celled. Dubai In­vest­ments is also plan­ning to build and op­er­ate busi­ness parks in Saudi Ara­bia, Morocco and An­gola.

A joint-ven­ture project to build a busi­ness park val­ued at 600 mil­lion dirhams in Riyadh, the Saudi cap­i­tal, is ex­pected to break ground in the next month, Bin Kal­ban said. A sim­i­lar project is planned for the An­golan cap­i­tal Luanda and Morocco’s Tang­ier, he said. Dubai In­vest­ments will go into An­gola on its own, whilst would con­sider a joint ven­ture in Morocco, Bin Kal­ban said. The three projects would be sim­i­lar to a 23 square kilo­me­tre busi­ness park the com­pany owns and op­er­ates in Dubai. —Reuters

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