The UAE-based Al-Ghurair Investment is looking to raise a AED1.3bn ($354m) loan to refinance existing debt obligations as well as raise additional funds.

The financing is due to close imminently. Banks arranging the deal include Commercial Bank of Dubai, Mashreq Bank and Standard Chartered, according to banking sources.

The facility is expected to be oversubscribed, although commitments are likely to be scaled back before closing.

The Al-Ghurair Group is a diversified industrial conglomerate operating in sectors such as energy, construction and food. The family-owned company built the Al-Ghurair shopping centre in Deira, Dubai. It was one of the first mixed-use developments in the Middle East, incorporating retail, residential and office spaces.