The 2-year, Shariah-compliant UAE/USD dual tranche facility – led and fully underwritten by Emirates Bank, Emirates Islamic Bank, Arab National Bank and National Bank of Abu Dhabi – forms part of Limitless’ global funding strategy for current and future projects, and follows international funding roadshows in January, covering Dubai, Singapore, Kuala Lumpur and London.
Limitless, launched in July 2005, has global projects in the UAE, Russia, Saudi Arabia, India, Jordan, Vietnam and Malaysia, with a total development value topping $ 100 billion. More projects are in the pipeline for Europe, South Asia, North Africa, the Far East and elsewhere in the Gulf Region.
Limitless CEO Saeed Ahmed Saeed, said: “Today marks the start of a long-term relationship between Limitless and these 18 banks who clearly share our vision.”
“They have seen how Limitless is enhancing and enriching people’s lives by delivering distinctive, sustainable developments that will add a new dimension to the way people live and work – for generations to come – in many parts of the world.”
Abdul Wahed Fahim, GM Wholesale Bank, of Emirates Bank, said: “This deal further strengthens our relationship with the company and Dubai World Group.”
“We are honoured to have been selected to lead manage this transaction,” he added.