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FINANCIAL NEWS
Dubai’s Meraas considers USD234m loan for world’s largest Ferris wheel
17 Feb 2015
(MENAFN) Meraas Holding, a property firm owned by the state of Dubai, considers a USD234 million funding loan for constructing the world’s largest Ferris wheel, Arabian Business reported.
Dubai Ferris wheel, prominent at 167.6 million, is set to surpass the High Roller of Las Vegas. Its surrounding environment will have restaurants, shops, and residential buildings.
The gradually liquidate structure of the loan, which is directed by Dubai’s biggest lender Emirates NBD, will have a ten year term.
The loan’s interest rate is set to be between 3.5 percent and 4 percent over the Emirates interbank offered rate (Eibor).
“The record breaking Ferris wheel is set to serve as means of ‘bringing new life into one of Dubai’s important high street districts in Al Wasl and Jumeirah,” Meraas said in a statement.
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