Al Ghurair City has announced the signing in Dubai of a medium-term loan facility for Dh400 million with a consortium of four banks to finance its major refurbishment, retail development and expansion program, the Khaleej Times reported.
The finance package, according to the Dubai-based paper, will be used for the continuing development of the project, which is moving into its expansion phase to deliver the first comprehensive inside-outside shopping experience for shoppers, said a statment from city officials.
Emirates Bank International PJSC, which is the agent, security agent and mandated arranger for the financing, also leads the consortium of banks. The three other other banks in the consortium are Abu Dhabi Commercial Bank, Mashreqbank PSC and United Arab Bank.
The loan agreement was signed on Saturday – Albawaba.com
