Dubai’s Emaar to roll over $1.23b debts

05 Apr 2010

(MENAFN) Emaar Properties, the UAE’s biggest real estate developer, said in a statement that it will roll over $1.23 billion debt maturing this year into long-term project financing deals, Reuters reported.

The loans maturing in the next one year are primarily bridge loans for Emaar’s international projects, and as per terms, are to be converted into longer-term project financing, the company said in a statement to the local bourse.

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 some of the other Dubai property firms. In December, a planned merger between Emaar and three real estate units owned by Dubai Holding, owned by the ruler of the emirate, was called off.

Last month, Dubai unveiled a $9.5 billion rescue plan for state-owned conglomerate Dubai World, aimed at restructuring $26 billion debt linked to the conglomerate and its property units.

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