fbpx
Join eProperty WhatsApp Channel

Join Pakistan’s Most Popular Whatsapp Channel for Property New Updates and Daily Prices

HOT | PLOTS | BOOKINGS | UAN: 03 111 042 111

eProperty®

Learn, Share & Grow

AXIS Lahore for Sale

Emaar Says It’s Looking at Financing Options for Development

Emaar Properties PJSC (EMAAR), the Dubai developer of the world’s tallest tower, said it’s seeking financing options and that details of reports that it plans to raise cash backed by the emirate’s largest shopping mall were wrong.

The company “continuously explores various options for raising finance to meet our long-term development plans, including refinancing of debts,” Emaar said in an e-mail late yesterday. Emaar said it will disclose “any such details regarding our financing plans at the appropriate time.”

Commenting on a report it aims to raise $800 million in loans, using four shopping malls including the Dubai Mall as collateral, Emaar said “details regarding a financing plan are categorically incorrect and purely speculative in nature.” The statement didn’t say which details were incorrect.

The facility, consisting of a five-year tranche and an eight-year amortizing loan, was said to be arranged by Dubai Islamic Bank, National Bank of Abu Dhabi and Standard Chartered Plc., Reuters reported yesterday, citing unidentified people.

Emaar, the United Arab Emirates’ biggest developer by market value, has been hurt by a more than 60 percent slump in property prices in its home market as speculative demand waned and banks tightened lending after mid-2008. The company reported a 69 percent decline in second-quarter profit as it wrote down a bank investment and completed fewer homes.

To contact the reporter on this story: Arif Sharif in Dubai at [email protected]; Anthony DiPaola in Dubai at [email protected].

Emaar Says It’s Looking at Financing Options for Development
eProperty WhatsApp Community

Join the eProperty Community for daily Pakistan Property rate updates, the latest developments, and news.

eProperty WhatsApp Community

Property buying and selling was never easy before; simply connect with our WhatsApp hotline for absolutely free property consulting. Please save this number, +923111042111 in your contact list to get regular updates from us; otherwise, you will not receive any updates.

Emaar Says It’s Looking at Financing Options for Development
Scroll to top
Open chat
WhatsApp Hotline
السلام عليكم ورحمة الله وبركاته

مہربانی فرما کر ہمارا نمبر 00923111042111 اپنے موبائل کی رابطہ لسٹ میں محفوظ کر لیں۔ اگر یہ نمبر آپکے موبائل کی رابطہ لسٹ میں محفوظ نہی تو آپ کو ہماری طرف سے تازہ معلومات موصول نہی ہوں گی۔

Kindly save this number in your contact list for future updates. You will not received our WhatsApp updtaes if this number +923111042111 is not saved in your contact list.

Atif Iqbal from eProperty®