Majid Al Futtaim, a holding company which owns and operates shopping centres in MENA, is in talks with banks to obtain a revolving credit facility likely to be in excess of USD1.5bn, according to sources familiar with the situation. The company is self-coordinating the loan. The loan would refinance existing debt. The shopping mall operator has a number of revolving credit facilities in place and regularly taps both the local and international bank markets. The planned revolving credit facility is likely to be denominated in both USD and AED, said one of the sources. Last June 2016, Majid Al Futtaim raised a USD500mn revolver with a five-year tenor. Majid Al Futtaim was in discussions with banks late last year to finance construction of the Mall of Oman, a USD700mn project. (Reuters)