Meeras Holding, a state backed property developer, is raising AED1.4 billion loan from a group of banks for a project on the Dubai Creek. The loan will have a tenor of about 10 years and principal payment holiday in the initial years. The cost of the Marsa Al Seef project including the value of the land is estimated at AED2.8 billion. The 1.8 kilometer Marsa Al Seef project, showcases Emirati heritage and culture, includes three hotels, an open air museum, an amphitheater, cafes and restaurants along the Dubai Creek. Completion is scheduled for 2017. (Bloomberg)