Meydan gets Dh1.75bn bank funding for Dubai projects
Dubai-based Meydan Group has signed a financing deal of Dh1.75 billion ($476 million) with Qatar National Bank (QNB), a financial institution in the Middle East and Africa, and its UAE subsidiary , Commercial Bank International (CBI) to finance continued investment in infrastructure across its projects.
QNB is the largest bank in the Middle East and North Africa Region with total assets of QAR 539 billion ($147.9 billion) as of December 31, 2015. It is now present in more than 27 countries across three continents. QNB is the largest Bank in Qatar with a market share exceeding 45 per cent of banking sector assets.
QNB Group’s affiliate, CBI, has a strategic partnership with QNB, a 40 per cent shareholder an. With its headquarters in Dubai, CBI operates with a network of 27 branches in all seven emirates.
Meydan’s Chairman Saeed Humaid Al Tayer said: “Meydan’s goals are in direct synergy with those of QNB , to encourage growth and further alliances across the GCC. We would like to thank QNB Group for their instrumental support in financing our ongoing efforts and commitment to the growth and prosperity of the region.”
The announcement comes at a pivotal time as the company continues to embark upon new projects with partners in the sphere of significant residential, logistics and facilities developments on its territory which are among the most prime-positioned real estate in the region.
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