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Al Futtaim close to USD1.3b financing deal

22 Nov 2011

(MENAFN) Al Futtaim Group said it is close to gathering USD1.3 billion in loans to finance its expansion plans in Qatar and Egypt, Reuters reported.

John Wartig, group director of finance at Al Futtaim explained that the conglomerate was in the final stages of a USD1 billion syndicated loan facility in Qatar and a separate USD334.3 million loan in Egypt.

Al Futtaim plans to set up a shopping mall and set up an IKEA store in Doha with the financing, he said.

The retail group also plans to close one acquisition before the end of the year, Wartig added.

Al-Futtaim Group was established in the 1930s and is headquartered in Dubai, and holds regional franchises of companies including IKEA, Toys R Us, Marks and Spencer and Toyota Motor Corp, employing about 20,000 people.

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