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Emaar Is Seeking $700 Million Financing, Alabbar Tells Dubai TV

Oct. 24 (Bloomberg) -- Emaar Properties PJSC, the developer of the world’s tallest tower in Dubai, is seeking to borrow $700 million, Chairman Mohamed Alabbar told Dubai TV.

“In the past we were cautious, but banks’ policies are clear to us,” Alabbar said on Zeina Soufan’s “Bildirham” program, according to an e-mailed statement. “If there is an institution with an outstanding financial position that is watched and attracts interest, then chances of financing and re-financing and prices would be excellent.”

The yield on Emaar’s Islamic bonds maturing August 2016 is 8.19 percent today compared with its peak of 9.52 percent on Oct. 4. Moody’s Investors Service raised Emaar’s rating by one grade to Ba3, the third-highest non-investment grade, on Oct. 17.

“We are carrying out a large financing transaction now,” he said. “We are talking about around $700 million.”

Alabbar said the company was planning to build a “commercial center” in its Eighth Gate development in Damascus, where the government has been facing protests for political reform since mid-March.

Emaar shares rose 0.8 percent at the 2:00 p.m. close in Dubai. The shares are down 30 percent this year.

To contact the reporter on this story: Dana El Baltaji in Dubai at delbaltaji@bloomberg.net

To contact the editor responsible for this story: Inal Ersan at iersan@bloomberg.net

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