Dubai developer Meydan has secured an AED1.7bn ($476m) loan from Qatar National Bank and local subsidiary Commercial Bank International.

The tenor of the loan is more than seven years.

The funds will be used to fund Meydan projects.

Meydan’s largest project is Meydan City, which is an 3.7 square kilometre development around Nad al-Sheba racecourse. Meydan plans to build the 711-metre-tall Dubai One tower, the Meydan One Mall, a 1.2-kilometre ski slope, a 25,000-square-metre indoor sports arena, a civic plaza large enough to host 60,000 people, a 4 kilometre canal and a 100-berth marina. Other developers are carrying out projects within the masterplan.

Meydan signed an agreement with the two banks in 2013 to finance infrastructure projects.