Dubai's Al Habtoor seeks to borrow USD408m

(MENAFN) Dubai's Al Habtoor Group is seeking to finance its property investments, and is intending to borrow USD408 million from local banks to achieve that.

First Gulf Bank has stepped in to see the loan through, thus it has organized a group of about four lenders to raise the needed funds, which will be used make real estate acquisitions outside Dubai.

Al Habtoor Group is currently building Al Habtoor City, a multi-billion dirham development, which will incorporate three luxury five-star Starwood-branded hotels alongside multiple outlets.

Moreover, two more huge projects are underway in Dubai, consisting of the Al Habtoor Polo Resort & Club and the Metropolitan Sheikh Zayed Road, a four-star hotel, which will be fully operational by 2016.