Dubai-based developer Meydan Group is eyeing a syndicated loan of a minimum of AED 450 mn to finance a hotel project, Reuters reported last week, quoting unnamed sources.

The Commercial Bank of Dubai was leading the discussions for a potential transaction with financing expected to be closed before the end of November, according to the sources.

Meydan, which is mainly a developer of hospitality and entertainment facilities, was also involved in the construction of the Dubai Canal and other projects next to its Meydan Racecourse.

In March the company signed a financing deal over $476 mn with Qatar National Bank (QNB) and QNB’s UAE affiliate, Commercial Bank International. In June, Meydan also obtained AED 1 bn of Islamic financing to strengthen its capital structure and support new projects.