Dubai mall builder Majid Al Futtaim Holding secures $1 billion in loans, still ...
DUBAI, United Arab Emirates - The Dubai-based real estate company behind several high-end shopping malls in the Middle East and the regional partner of the French retailer Carrefour says it has raised $ 1 billion in funding for the new bank.
The transaction by Majid Al Futtaim Holding comes weeks after the plan brought disappointing prices for scrap plans to raise funds by selling bonds. The company is the developer of Dubai Mall of the Emirates, which has an indoor ski slope, and the shopping center in Alexandria in Egypt.
He said Sunday he will use the new financing to refinance an existing loan and increase its cash levels.Barclays, Credit Agricole, Standard Chartered and Emirates NBD led the financing transaction.
Company Treasurer Daniele Vecchi says tapping the bond market remains a priority.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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