Meydan Group, the developer of Dubai’s showpiece racecourse city and India’s IDBI Bank, a leading provider of project and infrastructure financing signed USD 120 million syndicated loan agreement.
The loan, the first overseas project financing venture of the Indian bank, will fund the development cost of Meydan Heights 528 unit mega gated community project jointly promoted by Meydan and Emirates airline.
Mr Saeed Humaid Al Tayer chairman of the Board and Chief Executive of the Meydan Group said that the loan given at a competitive rate is for a long term tenor. He declined to be specific about the rate as well as the loan period.
Mr Al Tayer said after signing the loan deal that our partnership with IDBI is going to be long-term. We want to solidify our partnership with IDBI Bank and welcome them onboard as the project financier for Meydan Heights.
He said that we are very transparent and do not make excuses,” he said. Payments have been made to those who have fulfilled their part of the contractual obligations. Meydan is initiating several new projects in response to the market needs. We have to be adaptable to the changing situation. Meydan signed the project financing deal with IDBI in February after 6 months of discussions.
Mr Al Tayer said that Meydan would announce more projects in the coming months in tie up with international partners. Meydan Group and Emirates airline unveiled plans to develop Meydan Heights to accommodate the airline’s pilots.
Mr N S Venkatesh CEO of IDBI Bank Limited of DIFC Branch said that Meydan Heights the first financing project for the bank in the Middle East, signals the return of optimism about business prospects in the UAE. We are keen to take our relationship with Meydan even further as we believe in long term relationship. We look forward to strengthening our partnership with Meydan across other equally illustrious projects to come.
He said that his bank would be looking to tap more opportunities in the UAE and other Gulf countries. Project financing is IDBI’s core activity and whenever opportunities beckon, the bank will not shy away.
(Sourced from Khaleej Times)
