Construction

Emicool secures $216m Islamic loan

Ten year facility to be used to refinance $181.8m bridge loan and other facilities

Emirates District Cooling, a Dubai based joint venture between Dubai Investments and Union Properties, has signed a $216m Islamic loan, it was announced on Monday.

According to a Reuters report, the loan has been structured in a Sharia compliant manner, with the ten year facility set to be used to refinance a $181.8m bridge loan and other facilities raised by banks on an individual basis.

These loans funded the construction of cooling plants in developing areas such as Dubai Motor City and Dubai Investment Park.

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