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UAE firm borrows $36m for Cairo project
- United Arab Emirates: Thursday, October 08 - 2009 at 11:29
Dubai-based Al-Futtaim has raised EGP2bn ($36m) in a syndicated loan to finance construction of commercial space in its Cairo Festival City development, Reuters has reported, citing Al-Akhbar Egyptian daily. The project, to be built in the suburb of New Cairo west of the capital, will contain 298,000 square metres of office and retail space, of which 159,000 square metres will be leased, in addition to residential units and schools. Among the participating banks are HSBC Egypt, Commercial International Bank, Banque Misr, Banque du Caire, Arab Bank, Arab African International Bank and Misr Iran Development Bank, the newspaper said.
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StaffThursday, October 08 - 2009 at 11:29 UAE local time (GMT+4)
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This article was updated on Sun Oct 11 2009.
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