State-backed Dubai Holding has refinanced a AED 30 billion loan ($8.2 billion) to tap into the emirate’s property boom, Bloomberg reported on Tuesday.

The funds will be used to refinance the debt held by two of Dubai’s major developers, Nakheel and Meydan, which the company absorbed in March, the news agency stated, citing people familiar with the matter.

UAE lenders Emirates NBD and Mashreqbank have been tapped as underwriters for the loan.

Last March, Dubai Holding announced the merger of Nakheel, the master developer of the Palm Jumeirah, and Meydan, which has developed major hospitality and entertainment assets.

The two developers, which operate under the Dubai Holding umbrella, had previously launched several projects in various sectors, including real estate, hospitality, retail, leisure and entertainment, as well as healthcare.

The merger aims to establish a “more financially efficient entity” that can compete regionally and globally, according to Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.

Some of the conglomerate’s units could potentially be listed over the next few years following recent moves, the news agency quoted the sources as saying.

(Writing by Cleofe Maceda; editing by Seban Scaria)