Dubai-based Jumeirah Group has arranged a US$1.4 billion unsecured loan to fund its growth plans.
The facility was arranged byAbu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD, HSBC, Mashreq and Standard Chartered and will be used for expansion plans and corporate purposes on a parent level for Dubai Holding Commercial Operations Group.
“The pricing we have been able to achieve for this syndicated loan is a testament to the Company’s financial strength and future prospects. This financing will support our focus on driving profitable revenues from the existing portfolio while giving us the headroom to continue our local and international expansion,” said Gerald Lawless, president and CEO of the group.
Year-to-date Jumeirah’s occupancy rates have increased 8% globally compared to the same period in 2012.