Dubai-based Emaar Properties obtained a $1.5 billion corporate finance loan from First Abu Dhabi Bank, sources familiar with the matter said on Sunday. Emaar, which develops residential properties, hotels, entertainment and shopping malls, agreed on the financing after initially holding talks with some of its relationship banks for three bilateral loans of $500 million each.
In the end, it chose to obtain a single loan of $1.5 billion with First Abu Dhabi Bank underwriting the whole amount, said the sources, declining to be named as the matter is not yet public. The company, which is also planning an initial public offer of up to 30 percent of its local real estate development business, said earlier on Sunday that in a board meeting scheduled for September 20, it would discuss its entry into a new financing agreement with First Abu Dhabi Bank.
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