Dubai World said that it had received backing from a “substantial majority” of creditors on the new deal which would see part of its debt repaid early.
Real estate deal values have declined from 2013, according to the Dubai Land Department.
The company will deploy the facility to further penetrate the SME growth finance market in the UAE and Saudi Arabia, it said.
The company has purchased plots in Dubai’s Umm Suqeim area and Riyadh’s King Fahed Road to develop its latest projects.
The new company, created through the joint venture, will operate under the Engel & Völkers brand, the developer said.
The new restructuring plan involves repaying early an existing $2.92 billion maturity due in 2015.
The chief executive said that Marka was also looking at four asset purchases in the food and beverage sector,
The parent-school contract will cover refund and admission policies, school fees, health, safety provision and transportation.
Damac traded at Dhs3.19, up 14 per cent from its London close last Friday.
Certain locations in the city including International City and The Greens offer cheaper monthly mortgages, finds research.
One of the purchases will be of a financial entity, with the second acquisition coming in the real estate sector.
The series of private island villas will be located within the OQYANA World First development forming the continent of Australasia.
The deal was underwritten by Citigroup, Emirates NBD and Societe Generale.
Damac received approval from the UAE Securities and Commodities Authority in December to list on the DFM.
Limitless has been in talks with creditors for nearly a year and in November floated a tentative proposal backed by future cashflows.
DIC has mandated Barclays to explore the options of the possible divestment, sources said.
The transaction was signed at the very end of 2014, sources said.
The upgraded service will increase Emirates’ capacity from Manchester by 13 per cent, the airline said.
The hotel will have 155 standard king rooms, 56 twin rooms and eight Burj View suites, decorated in an Arabian cultural style.
If approved, Gulf investors will be allowed to own up to 100 per cent of Drake and Scull’s shares.
The company’s statement follows reports that it had assigned a consultant to advise on potential take over bids.
The Islamic lender has mandated HSBC and Standard Chartered as the joint structuring banks.
Dubai’s index dropped 3.4 per cent as all but a handful of stocks fell.
Perfume was the top selling product in Dubai Duty Free during 2014, followed by liquor and gold, the airport retailer said.
The units are expected to open in April 2015, the developer said in a statement.
Dubai’s index dropped 2.4 per cent with most stocks down.
Spending this year is projected at about Dhs41 billion ($11.2 billion), up from Dhs37.88 billion in the original budget for 2014, according to state news agency WAM.
Under the new structure, the company will focus on carrying out professional project management, ensure timely delivery of all projects and improve its customer service.
Jain was previously executive director of finance and group chief financial officer at Emaar, according to the company’s website.
Dubai’s stock index edged up 0.5 per cent in relatively thin trade while Abu Dhabi’s bourse was up 1.6 per cent.