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News & Media
MEYDAN SIGNS AED100 MILLION IJARA AGREEMENT WITH EMIRATES ISLAMIC BANK
06. October 2009DUBAI, 6 OCTOBER 2009 - Meydan Group L.L.C, developer of the iconic Meydan Grandstand and Racecourse that will host the Dubai World Cup in March 2010, announced the signing of an AED100 million Islamic financing facility with Emirates Islamic Bank (EIB). The signing ceremony was officiated by Mr. Saeed H. Al-Tayer, Chairman of Meydan and Mr. Abdulla Abdul Kareem Showaiter, Deputy CEO, General Manager of Corporate & Investment of EIB at the Meydan offices.
Meydan will use the long-term Ijara, or Shari’ah compliant Islamic financing, to fund the further development of the Falcon Carpark 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 Carpark takes its name from its architectural design, for when seen from above, is shaped like the outstretched wings of a falcon.
The signing ceremony took place along the sidelines of Cityscape Dubai 2009. Meydan is a significant participant, and its exhibition stand is one of the biggest at the event. It showcases all four of Meydan’s sub-districts, which are collectively known as Meydan City.
Mr. Al-Tayer said that the partnership with EIB will further strengthen Meydan’s value proposition as a world-class horseracing 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 luxury corporate suites that offer unobstructed views of the racetrack.
He said: “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. ”
Mr. 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.”