Monday, Oct 24, 2011
DUBAI (Dow Jones)--Dubai-based EMAAR Properties (EMAAR.DFM) is undertaking a major refinancing deal worth nearly $700 million with several banks, Chairman Mohamed Alabbar said in an interview with Dubai TV's "Bidderham" show to be aired Tuesday.
The giant real-estate company, builder of the world's tallest tower, Burj Khalifa, "is currently undergoing a big refinance deal...we are talking about nearly $700 million here," Alabbar said, according to a copy of the interview transcript that was seen by Zawya Dow Jones.
"If a company has a distinguished financial status and it is attractive (to investors), then the chances of its financing and refinancing are excellent...We are undergoing a real refinance deal and the banks are financing us at excellent prices," he said.
Alabbar didn't elaborate on the deal, or say which banks are involved.
EMAAR is also finalizing a deal with a contractor to establish a mall in Syria, said Alabbar, according to the transcript.
The project comes despite continuing clashes between rebels and Syrian government forces.
"We have a commercial mall project there and we are currently working on the cost and pricing studies as well as rentals... rentals are ongoing and the results so far are good," Alabbar was quoted as saying.
The political and security turmoil in Egypt, however, "slowed down" the company's projects there for a few months, Alabbar said. The turmoil also "slowed down" the company's sales in Egypt, but not to a major extent and below the company's worst expectations, according to Alabbar.
"We might have been affected for two months, maybe because of a lack of labor force and the turmoil, but our operations and delivery of units on the Coast project is going according to schedule," he said.
He added delivery of units in the company's prestigious Uptown Cairo project in the Egyptian capital "will commence as of end of 2011."
-By Leila Hatoum, Dow Jones Newswires; +971-4-4461686; leila.hatoum@dowjones.com
(END) Dow Jones Newswires
24-10-11 1523GMT
