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DUBAI (Reuters) - Dubai's Deyaar Development plans to approach banks next year for a 300 million dirhams ($81.68 million) loan needed for the development of a property complex in Dubai, its chief executive Saeed Al Qatami told Reuters on Monday.
The project, called South Bay, is valued at 1 billion dirham and will be built over an area of more than 1.3 million square feet in Business Bay, an area close to Dubai's financial district.
The development will include residential apartments and hotel units, the company said in a separate statement. ($1 = 3.6730 UAE dirham)
(Reporting by Hadeel Al Sayegh, writing by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com;))
The project, called South Bay, is valued at 1 billion dirham and will be built over an area of more than 1.3 million square feet in Business Bay, an area close to Dubai's financial district.
The development will include residential apartments and hotel units, the company said in a separate statement. ($1 = 3.6730 UAE dirham)
(Reporting by Hadeel Al Sayegh, writing by Davide Barbuscia) ((Davide.Barbuscia@thomsonreuters.com;))
