Jumeirah Said to Raise $1.4 Billion as Dubai’s Costs Drop

Jumeirah Group LLC is raising $1.4 billion in a six-year loan as the operator of Dubai’s iconic sail-shaped Burj Al Arab hotel takes advantage of a drop in borrowing costs, two bankers familiar with the plan said.

State-owned Jumeirah will pay 2.75 percentage points above the London interbank offered rate for the loan, according to the bankers, who asked not to be identified because the information is private. Lenders have been given four weeks to respond with commitments to the facility, they said. Piers Schreiber, vice president Corporate Communications & Public Affair at Jumeirah, declined to comment.