Dubai developer draws 18 banks as part of global funding strategy.

Limitless, the global master development arm of Dubai World, has successfully closed a US$1.2 billion syndicated loan with 18 banks from the Middle East, Asia and Europe, it was disclosed today (Thursday).

The 2-year, Sharia-compliant UAE/USD dual tranche facility – led and fully underwritten by Emirates Bank (an Emirates NBD company), Emirates Islamic Bank, Arab National Bank and National Bank of Abu Dhabi – forms part of Limitless’ global funding strategy for current and future projects, and follows international funding roadshows in January, covering Dubai, Singapore, Kuala Lumpur and London.

Limitless, launched in July 2005, has global projects in the UAE, Russia, Saudi Arabia, India, Jordan, Vietnam and Malaysia, with a total development value topping US$100 billion. More projects are in the pipeline for Europe, South Asia, North Africa, the Far East and elsewhere in the Gulf Region.

Limitless CEO Saeed Ahmed Saeed, 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.”

Mr Abdul Wahed Fahim, GM- Wholesale Bank, of Emirates Bank, said: “This deal further strengthens our relationship with the company and Dubai World Group, we are honored to have been selected to lead manage this transaction. Successful closure and oversubscription of this transaction is evidence of our integrated approach in rendering a gamut of services to our valued corporate clients spanning the breadth of financial, debt capital and advisory solutions,”

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The 18 banks involved are:
UAE: Emirates Bank; Emirates Islamic Bank; National Bank of Abu Dhabi; Union National Bank; Bader Al Islami; Dubai Islamic Bank; Noor Islamic Bank
GCC: Arab National Bank; Saudi British Bank; The Arab Investment Company
Taiwan: Mega International Commercial Bank
Malaysia: Affin Islamic Bank; EON Capital Islamic Bank Berhah; RHB Islamic Bank Berhad 
Europe: Royal Bank of Scotland plc; Hypo Real Estate Bank International
Pakistan: United Bank Limited; Habib Bank AG Zurich