Business | Banking
Limitless closes $1.2b syndicated loan
Two-year Sharia-compliant dual tranche facility forms part of the UAE property developer's global funding strategy
- Staff Report
- Published: 01:24 March 7, 2008
Dubai: Limitless said on Thursday it has successfully closed a $1.2 billion syndicated loan with 18 banks from the Middle East, Asia and Europe.
"The two-year, Sharia-compliant dual tranche facility - led and fully underwritten by Emirates Bank (an Emirates NBD company), Emirates Islamic Bank, Arab National Bank and National Bank of Abu Dhabi - forms part of Limitless' global funding strategy for current and future projects, and follows international funding roadshows in January, covering Dubai, Singapore, Kuala Lumpur and London," the company said in a statement.
Limitless, launched in July 2005, has global projects in the UAE, Russia, Saudi Arabia, India, Jordan, Vietnam and Malaysia, with a total development value topping $100 billion. More projects are in the pipeline for Europe, South Asia, North Africa, the Far East and elsewhere in the Gulf Region.
Limitless CEO Saeed Ahmad Saeed, said: "Today marks the start of a long-term relationship between Limitless and these 18 banks who clearly share our vision. They have seen how Limitless is enhancing and enriching people's lives by delivering distinctive, sustainable developments that will add a new dimension to the way people live and work - for generations to come - in many parts of the world."
Abdul Wahed Fahim, general manager for wholesale banking of Emirates Bank, said: "This deal further strengthens our relationship with the company and Dubai World Group, we are honoured to have been selected to lead manage this transaction. Successful closure and oversubscription of this transaction is evidence of our integrated approach in rendering a gamut of services to our valued corporate clients spanning the breadth of financial, debt capital and advisory solutions,"
Limitless, a Dubai World company, is an integrated global real estate developer across all market segments, delivering distinctive, sustainable developments.
Established in July 2005 and built upon the philosophy of 'delivering distinction', Limitless has three specific areas of expertise: master planning large urban communities, waterfront development and the implementation of large scale balanced projects.
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