DUBAI: Emaar Properties has secured a $1.5 billion Shariah-compliant loan from five local lenders, two banking sources aware of the matter said.
Emaar has raised the seven-year facility which will pay 175 basis points over the London interbank offered rate (Libor), the sources said.
This is half the rate of the existing loan, which was due to run until 2016 and had an interest rate of 350 bps over Libor.
The funds have been provided on an equal basis by three Dubai lenders — Dubai Islamic Bank, Mashreq MASQ.DU and Noor Bank — and two from Abu Dhabi — First Gulf Bank and National Bank of Abu Dhabi.
Emaar secures $1.5bn loan
