Dubai Investments to close Dh1.1 billion loan by year-end: CEO

Dubai Investments, part owned by sovereign wealth fund Investment Corp of Dubai, plans to close a 1.1 billion dirham ($299.52 million) loan by December 31, its chief executive said on Saturday. United Arab Emirates banks First Gulf Bank (FGB) and Abu Dhabi Commercial Bank have been mandated for the loan, Khalid Bin Kalban told reporters in Dubai.
The loan will be used to build a residential project in Dubai's Mirdif neighbourhood located near the world's busiest airport for international travel, Dubai International. Bin Kalban said the company would not take the entire loan, which is to be delivered in tranches, if off-plan sales of the project meet expectations. Sales launched on Saturday.