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Dubai\ s Meraas said to seek loan of up to $4bn

September 1, 2014 Staff

Dubai developer Meraas Holding is reportedly in talks with banks to raise up to $4bn.

The firm, owned by Dubai ruler Sheikh Mohammed bin Rashid al-Maktoum, is behind a number of iconic projects in the Emirate such as its Bluewaters island project just off the coast near Jumeirah Beach Residences where it is building a giant ferris wheel, and the Citywalk retail project in Jumeirah

Reuters has quoted a banking source as saying that Meraas was looking to 'front-load' its debt plans so that it raised as much cash before construction began on the projects.

It quoted another industry source as saying: "Meraas is looking for funds to build these mega-projects. Several banks were approached but they have not secured anything yet,"

Meraas declined to comment.

Eariler this month, it was reported that Meeras was considering launching an initial public offering.



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Source: Construction Week (United Arab Emirates)

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