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Emaar Properties to roll over $1.23 billion in loans


Dubai developer Emaar Properties will roll over 4.5 billion dirhams (USD 1.23 billion) debt maturing in 2010 into long-term project financing deals, a local daily said on Sunday, citing a company spokesperson. The daily, Emirates Business 24/7, said Emaar"s 4.5 billion facility are bridge loans for its international projects and will mature within the next year. That amount will be converted into long-term project financing, an Emaar spokesperson was quoted by the newspaper as saying in an e-mail. Details about the nature of the project financing and whether it will contain any equity element was not released. In February, Emaar said it would focus on mid-income housing in emerging markets and overseas expansion to boost 2010 revenue after returning to profit in the fourth quarter. Emaar"s chief financial officer declined to comment, referring the matter to its external press relations firm. A company representative wasn"t immediately available for comment.


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