10/06/2009 11:30 PM | Staff Report
Dubai: Meydan Group LLC, developer of the iconic Meydan Grandstand and Racecourse that will host the Dubai World Cup in March 2010, on Tuesday said it has signed a Dh100 million Islamic financing facility with Emirates Islamic Bank (EIB).
The signing ceremony was officiated by Saeed H. Al Tayer, chairman of Meydan, and Abdullah Abdul Kareem Showaiter, Deputy CEO and general manager of Corporate and Investment of EIB, at Meydan's offices.
"Meydan will use the long-term Ijara, or Sharia-compliant Islamic financing, to fund the further development of the Falcon Car Park adjoining the Meydan Grandstand. The Islamic financing facility, a first for Meydan, will go towards the construction of the car park which will have a million square feet of leasable area. The Falcon Car Park takes its name from its architectural design, for when seen from above, is shaped like the outstretched wings of a falcon," a statement said.
Al Tayer said that the partnership with EIB will strengthen Meydan's value proposition as a world-class horse racing venue; the Grandstand and Racecourse features cutting-edge all-weather surface and turf tracks, a grandstand that can hold up to 60,000 people, a five-star hotel, an Imax theatre and corporate suites with unobstructed views of the racetrack.
"We are honoured to work with an established Islamic bank like EIB. This (Ijara) agreement is the beginning of a long-term partnership that will reaffirm EIB's reputation as a well-respected, leading Islamic bank and a significant move for future Islamic facility tie-ups. It will also underscore Meydan's commitment towards building an integrated business, sporting and leisure destination that is second-to-none."
Showaiter said that the partnership would strengthen their leadership positions in their respective industries: "Both Meydan and EIB share a vision of setting a benchmark for the future through partnership, innovation and excellence. It is a privilege to work with an industry leader like Meydan to further showcase Dubai as a financial, sporting and investment hub."