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29-05-14

UAE's Emaar secures loan worth USD1.5 billion

(MENAFN) Emaar Properties said it has received USD1.5 billion in a loan from five local banks, according to Arab News. Two banking sources aware of the matter said that Emaar has raised the seven-year facility which will pay 175 basis points over the London interbank offered rate (Libor). The new loan will be half the rate of the existing loan which was due 2016 with an interest rate of 350 basis points over Libor.