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FINANCIAL NEWS
Dubai’s Meydan raises USD 272mn for Islamic financing
13 Jun 2016
(MENAFN) Dubai based-Meydan Group has raised USD 272mn of Islamic financing, while emirate is pushing ahead with big development plans despite local economic decline.
Furthermore, the group proclaimed that it had raised a USD 190.57mn via an issue of Islamic bonds and USD 81.67mn from a term financing facility.
Additionally, the money will support to enhance the Group’s capital structure, spread its investor base and help new projects.
However, low oil prices are slowing economic growth in the Gulf and tightening banking system liquidity, while the UAE’s interbank rate grew at almost 70 basis points.
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