Limitless, the master development arm of Dubai World, has closed a $1.2 billion (Dh4.4bn) syndicated loan with 18 banks from the Middle East, Asia and Europe.
The two-year Shariah-compliant UAE/USD dual tranche facility – which was led and fully underwritten by Emirates Bank, Emirates Islamic Bank, Arab National Bank and National Bank of Abu Dhabi – forms part of Limitless’ funding strategy for current and future projects.
Limitless has projects in the UAE, Russia, Saudi Arabia, India, Jordan, Vietnam and Malaysia, with a total development value topping $100bn. More projects are in the pipeline for Europe, South Asia, North Africa, the Far East and in the Gulf.
Limitless CEO Saeed Ahmed Saeed (pictured above), 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 Bank, 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.”
Limitless seals $1.2bn loan to aid expansion