Al Futtaim plans to raise $1.3bn

Al Futtaim Group, a UAE-based conglomerate, is planning to raise around $1.3 billion to finance its expansion in Qatar and Egypt, an executive at the company said. 

The company was close to completing a $1 billion facility and a separate 2 billion Egyptian pounds ($334.28 million) loan, John Wartig, group director of finance at Al Futtaim Group, said at a conference in Dubai. 

Al Futtaim Group also aims to close one regional acquisition by the end of the year, he said.