Dubai’s Meydaan group, which specializes in real estate projects, will close an AED600mn syndicated loans by the end of next week. The debt facility, arranged by Commercial Bank of Dubai, will be used to finance a hotel project. Meydan, mostly known for the Meydan racecourse facility in Dubai, is the developer of Meydan City, a 47mn square foot project including residential, commercial and mixed-use buildings. It has raised financing from local and regional banks over the year, in a sign that major real estate developments continue in Dubai despite the regional economic slowdown caused by low oil prices. Earlier this year, Meydan obtained a USD476mn loan from Qatar National Bank and QNB's United Arab Emirates affiliate Commercial Bank International. The company also raised AED1bn of Islamic financing in June to strengthen its capital structure, diversify its investor base and support new projects. That financing comprised AED700mn dirhams of sukuk and an AED300mn term loan. (Reuters)