Dubai: Al Habtoor Group, a Dubai-based investment and contracting company, is in talks with banks to borrow Dh1.5 billion ($408 million) to finance property investments, according to three people familiar with the matter.

First Gulf Bank is arranging a group of about four lenders to finance the deal, the people said, asking not to be identified as the information is private. Al Habtoor will use the funds to make real estate acquisitions outside Dubai, two of the people said.

Al Habtoor Group, controlled by billionaire Khalaf Al Habtoor, plans to build hotels, homes and a polo club in Dubai, it said on December 9. The company, which is also a distributor of Bentley and Bugatti cars, has been considering an initial public offering for at least a decade but no decision has been made, Al Habtoor said in December. The group is investing Dh15 billion in Dubai on projects to be completed by the end of 2017. It also owns hotels in Hungary, Lebanon and the US, according to its website.

A spokeswoman for Al Habtoor said the company doesn’t comment on confidential business matters that haven’t reached conclusion. “The Al Habtoor Group regularly conducts discussions with various banks and explores different ways to grow the business,” she said in an e-mailed statement. A spokeswoman for First Gulf Bank declined to comment.

— Bloomberg