Dubai’s developer Emaar Properties is in talks with individual banks to obtain loan facilities in partnership with UAE’s developer Dubai Properties, Reuters quoted sources familiar with the matter as saying.

The financing package could be as large as around AED 4 bn, sources added.

The money would finance projects including a shopping mall and a tower, as Emaar embarks on new developments despite higher property prices in Dubai.

Emaar would raise the loan through a special purpose vehicle with Dubai Properties.