Dubai's Emaar raising $700 million from banks

Dubai's Emaar Properties is in the process of raising around $700 million from banks, its chairman told local television on Monday. Mohamed Alabbar said the real estate firm, around 30 percent owned by the Dubai government, was currently undertaking a "big financing operation" which was receiving a favourable response from lenders.
"The opportunities for financing and refinancing are excellent and likewise the prices are excellent," Alabbar said in an interview with Dubai TV, due to be broadcast on Tuesday. Sources told Reuters last month that Emaar was in the process of raising around $800 million through a two-tranche loan which was backed by four malls, including Dubai Mall, one of the world's largest shopping centres.