Wednesday, Mar 13, 2013
Dubai: Meydan Group LLC has signed a financing deal with Commercial Bank International (CBI) and its strategic partner, QNB Group. The funding will finance continued investment in infrastructure across the Meydan territory, which includes part of the Real Estate Development of the prestigious Meydan Racecourse district.
For Meydan, this is the latest in a series of important strategic finance relationships to support their project developments.
Meydan’s Chairman and CEO, Saeed Humaid Al Tayer said: “Meydan’s goals are in direct synergy with those of CBI and QNB Group, to encourage growth and further alliances across the GCC. We would like to thank them for their instrumental support in financing our ongoing efforts and commitment to the growth and prosperity of the region.”
CBI strengthened its position as a growing bank in the UAE this week, unveiling a new brand identity that reflects its strategic partnership with QNB Group, as well as opening four new branches.
CBI’s Chief Executive Officer, Kris Babicci said, “We are delighted to be a part of this landmark financing. The deal reinforces CBI’s commitment to supporting key growth sectors in the UAE. We have a strong relationship with Meydan and this deal further reflects their confidence in our ability to deliver significant financing solutions, and to bring our partner QNB Group with us.”
QNB is the largest bank in the Middle East and North Africa Region with total assets of almost $101 billion at year-end 2012 and a presence in 24 countries worldwide.
The announcement comes at a pivotal time in Meydan’s commercial development as it prepares a raft of major announcements in March and April with partners across significant residential, logistics and facilities projects and developments on its territory, which stretches for over 3.7 million square metres (40 million square feet) and is among the most prime-positioned real estate in the region.
Staff Report
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