Dubai Investments is in talks with banks for a $300m loan that would go towards financing its Mirdif Hills project in Dubai.
Khalid Bin Kalban, CEO, Dubai Investments said the conglomerate - in which sovereign fund Investment Corp of Dubai owns an 11.5% stake - is in negotiations with three United Arab Emirates lenders and one Gulf bank.
The loan is expected to be finalised by the end of summer - with the Gulf bank lending in dollars and the local bansk lending in UAE dirhams, he added.
Mirdif Hills is a mixed-use residential, commercial and retail development.
The project contains 3.8mn ft2 of residential, retail and commercial space and will be built in the eastern part of the city next to Mushrif Park.
The development of the project is expected to cost $272m (AED1bn) - but the project in addition to the land bank is worth around $680m (AED2.5bn), Bin Kalban added as cited by Reuters.