iPhone | iPad
Android
Huawei
Fritz outlasted Tiafoe in the semi-finals to take a big step towards ending his country's 21-year wait for a men's Grand Slam champion
KT APPDOWNLOAD
Abu Dhabi’s Sorouh to borrow $1 bln to fund projects
ABU DHABI - Abu Dhabi-listed Sorouh Real Estate SOR.AD is seeking to borrow more than $1 billion from local and international banks to finance new real estate projects, its chief executive said on Tuesday.
The value of Sorouh’s projects could triple to 120 billion dirhams ($32.68 billion) in the next five years, from about 40 billion dirhams now, Mounir Haidar told Reuters on the sidelines of a real estate exhibition in Abu Dhabi.
“We are talking to international and local banks to raise over $1 billion for our projects,” Haidar said.
”It could be a mix of conventional loans, sukuks or something else. We are considering various options but nothing is finalised yet,” he said, declining to name the banks.
Abu Dhabi, which has more than 90 percent of the oil reserves of the UAE, is keen to wean its economy off energy exports partly by allowing foreigners to invest in property under 99-year leases.
“We have a land bank which is easily between 75 billion to 100 billion dirhams and we expect to develop projects of at least 120 billion dirhams in five years,” Haidar said.
Sorouh is developing the 25 billion dirham Shams Abu Dhabi project.
Abu Dhabi developer Aldar Properties ALDR.AD plans to invest $50 billion in Abu Dhabi real estate projects in the next five to 10 years.
Shares of Sorouh, which opened up to foreign investment earlier this year, surged 9.88 percent on Tuesday.
More news from
World number two Sabalenka triumphed 7-5, 7-5 to add the New York title to her back-to-back Australian Open victories
The two-month grace period covers all types of visas, including tourist and expired residency permits
Sheikh Mohamed extended his sympathies during a visit to the mourning majlis in Al Ain
According to an official, several people are still feared trapped in the debris
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson