Limitless to seek $1.2bn Islamic loan
12/12/2007
12th December, Wednesday. Limitless, Dubai property and a government-owned company, is preparing to launch an organization worth $1.2 billion. A two (2)-year Islamic loan via authorized direct coordinator the Emirates Islamic Bank, a banking source said yesterday.
Earnings will be used to back the borrower's Jebel Ali development in Dubai.
According to the bank source, the deal pays a margin of 125 basis points (bps) over Libor, in addition to that fees, the expected returns will be around 150 bps.
Loan will be first offered to lenders wanting to join as sub-underwriting banks.
Limitless is a real estate arm of state-owned Dubai World, which is expected to provide a letter of comfort for the loan.
The loan is structured as a mudaraba (venture capital) facility.
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