Majid Al Futtaim raises $1B facility

Dubai’s Majid Al Futtaim has raised a $1 billion loan from a group of regional and international banks, the firm said in a statement. The loan, a revolving credit facility, has a six-year maturity and refinances an $800 million loan raised in 2014 for general corporate purposes. A number of companies in the Gulf are refinancing their debt obligations ahead of maturity, or adding new leverage to their balance sheets, to avoid having to pay higher debt costs at a later stage due to expected increases in global interest rates.