UAE’s Emaar to raise USD700m

25 Oct 2011

(MENAFN) Emaar Properties’ chairman, Mohamed Alabbar, said that the company was undergoing a major financing operation through raising USD700 million from banks, reported Arab News.

Alabbar added that between the second half of the year and 2012, the real estate company would have to raise about USD1.8 billion, on the other hand, he said that opportunities for financing and refinancing were encouraging and also the prices were favorable.

On the other hand, he said that that the firm didn’t have any plans to book any provisions in its third-quarter results.

It is worth noting that around 30 percent of Emaar Properties is owned by the Dubai government.

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