MAF Group raises $1bn from banks

The Dubai-based property company behind several high-end Mideast shopping malls and the regional partner of French retailer Carrefour says it has raised $1 billion in new bank financing.

The deal by Majid Al Futtaim Holding comes weeks after disappointing pricing terms led it to scrap plans to raise cash by selling bonds. The company is the developer of Dubai's Mall of the Emirates, which boasts an indoor ski slope, and the Alexandria City Centre mall in Egypt.

It said Sunday it will use the new financing to refinance an existing loan and boost its cash levels. Barclays, Credit Agricole, Emirates NBD and Standard Chartered led the financing deal.

Company treasurer Daniele Vecchi says tapping the bond market remains a priority.