26.10.2012 - Emicool signs Dh793mln Islamic loan
Dubai-based Emirates District Cooling (Emicool), a joint venture between Dubai Investments and Union Properties, signed a Dh793 million ($216 million) Islamic loan guaranteed by both the parent companies, a recent statement said. Structured in a sharia-compliant manner, the facility runs for 10 years, according to the statement from Mashreq, one of the banks providing finance. The cash will be used to refinance a Dh668 million bridge loan and other facilities raised with banks on an individual basis, which funded construction of cooling plants in the Motor City and Dubai Investment Park areas of the emirate...............................................Full Article: Source
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