December 30th, 2016 by Own A Space
The master-developer Meydan Group of Dubai has defended Dh1billion finance from ADIB (Abu Dhabi Islamic Bank) that would go to PF (Part Final) projects lined up along the Dubai Water Canal and also for general corporate expenditure. There were almost 15 to 20 prime plots that both the developers Meydan and Meraas of the Canal had the right on the water-side, extending from the Safa Park all the way through the sea and the Jumeirah.
Picture Courtesy: www.constructionweekonline.com
Meydan wants to develop the plots it owns for a leasing portfolio which is soon to be expanded. These properties will be having some of the most preferred sites in Jumeirah, boosted in close proximity to the edge of the water. No Canal plots of Shaikh Zayed Road on the Safa Park have been publicized, what have been disclosed are from private developers on the other side of the Road, according to a top official of Meydan.
They must have details regarding how the properties on their plot will look like, mostly in the second half. Right now, less than 10 % of Meydan’s revenue system is made up of their leased portfolio.
This will also mean beginning to realize the development of real estate potential built by the Canal after its opening. It is already in the process of redrawing the Jumeirah district, seen with some changes coming through from the City Walk and Boxpark creation of retail clusters and also of the residential blocks opening soon within the Citywalk cluster. These all are owned by Meraas.
Picture Courtesy: www.dubai-taxi.com
Meydan’s new Adib-led finance with Dubai Islamic & Al Hilal Bank mandated as lead arrangers and it will get matures in December 2018. Meydan has already secured another Dh1 billion earlier this year financing from Adib, but it was structured as a Sukuk-Ijara facility. It has a time period of eight years. In current year, it secured $476 million for a 10-year span from Qatar National Bank and CBI [Commercial Bank International].
This facility has assisted in realizing their objective of funding in order to build strategic partnerships with local and regional financial institutions to continue the growth, according to Chairman and CEO of Meydan Group, Saeed Humaid Al Tayer.
Picture Courtesy: gulfnews.com
Except from the Canal and allied projects, Meydan’s growth portfolio is sizable. It is influencing many districts of MBR (Mohammad Bin Rashid) City master-development and also a destination mall within. The main features for the mega-mall that will indirectly increase Meydan’s leasing income have been finalized and the developer is now waiting for the detailed design. This must be the next big financing which the Meydan will be tapping lenders for.
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