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UAE- Emaar Properties granted USD500m financing facility

19 Dec 2012

(MENAFN) Emaar Properties’ Chairman, Mohamed Alabbar, announced that the company secured a USD500 million loan from a consortium of banks, reported Emirates 24/7.

Alabbar said that the loan, which will be repaid in 7 years, will be used to finance the development of Emaar Square, the second mixed-use development by Emaar in Turkey.

The project, which will cover 73,000 square meters, will include 1,000 luxury homes and a 180-room 5-star hotel.

It will also comprise a wide range of leisure facilities, offices, and The Emaar Square Shopping Mall, the largest in the country.

It is worth noting that Turkey is one of Emaar’s chief markets, where the company delivered homes in the first phase of the Tuscan Valley, its first integrated community.

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