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Emaar to convert debt into financing
By Shaheen Pasha |
April 5, 2010, Monday
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DUBAI developer Emaar Properties will roll over 4.5 billion dirhams (US$1.23 billion) debt maturing in 2010 into long-term project financing deals, a local daily said yesterday, citing a company spokesperson.
The daily, Emirates Business 24/7, said Emaar's 4.5 billion dirhams are bridge loans for its international projects and will mature within the year. That amount will be converted into long-term project financing, an Emaar spokesperson was quoted as saying in an e-mail.
Emaar's Chief Financial Officer declined to comment yesterday and a company spokeswoman was not immediately available for comment.
Emaar, which is 31.2 percent owned by the Dubai government, is the Arab world's largest listed developer. The firm is less indebted than other Dubai property firms. In December, a planned merger between Emaar and three real estate units of Dubai Holding, owned by the ruler of the Gulf emirate, was called off.
Shuaa Capital analyst Roy Cherry said rolling over the debt would enable Emaar to avoid premature divestments of key investment properties.
The daily, Emirates Business 24/7, said Emaar's 4.5 billion dirhams are bridge loans for its international projects and will mature within the year. That amount will be converted into long-term project financing, an Emaar spokesperson was quoted as saying in an e-mail.
Emaar's Chief Financial Officer declined to comment yesterday and a company spokeswoman was not immediately available for comment.
Emaar, which is 31.2 percent owned by the Dubai government, is the Arab world's largest listed developer. The firm is less indebted than other Dubai property firms. In December, a planned merger between Emaar and three real estate units of Dubai Holding, owned by the ruler of the Gulf emirate, was called off.
Shuaa Capital analyst Roy Cherry said rolling over the debt would enable Emaar to avoid premature divestments of key investment properties.
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