Dubai Investments (DI) is in talks with banks for a $300 million loan that would go towards financing its Mirdif Hills project in Dubai, its chief executive told Reuters on the sidelines of a company event late on Wednesday.

A Dh1-billion ($272 million) mixed-use development, Mirdiff Hills is envisioned as a self-contained community comprising residential apartments, corporate offices and retail outlets.

It will feature 680 well-appointed apartments, 380 offices and 129 retail outlets.

With a total built-up area of 2.7 million sq ft, the project comes equipped with all modern amenities such as swimming pool, clubhouse, playschool, Internet facility, coffee shop and children’s play area, and offers 24-hour security.

The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, is in negotiations with three UAE lenders and one Gulf bank, Khalid Bin Kalban said.

The loan is expected to be finalised by the end of the summer, he said. The Gulf bank will lend in dollars, and the local banks will lend in UAE dirhams, he added.

Mirdiff Hills project in addition to the land bank is worth about Dh2.5 billion ($680 million), Bin Kalban said.-Reuters