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02 March 2024

Sorouh to finalise $1bn loan soon

By Agencies


Abu Dhabi's Sorouh Real Estate expects to finalise $1 billion of planned borrowing to finance new projects "very soon", Chief Executive Mounir Haidar said on Monday.


"We are finalising it very soon," he told reporters in Abu Dhabi, when asked whether the borrowing would come in the form of bonds or synidcated loans.


Haidar said in May that the company was seeking to borrow over $1 billion from local and international banks but said on Monday that the loans would be finalised in 2008.


The value of Sorouh's projects could triple to Dh120bn in the next five years, from about Dh40bn now, he told Reuters at the time.


Abu Dhabi, which has more than 90 per cent of the UAE's oil reserves, is keen to wean its economy off energy exports partly by allowing foreigners to invest in property under 99-year leases. (Reuters)