Al Futtaim Group’s Dubai Festival City (DFC) is said to to be in the process of raising an AED 3.9 billion ($1.06 billion) decade-long loan facility from six banks, Reuters reported citing two sources with knowledge of the matter but who spoke on condition of anonymity.

The ten-year loan will be arranged by HSBC along with Arab Bank, Emirates NBD, First Gulf Bank (FGB), Mashreq and Union National Bank (UNB), the sources revealed, adding that the loan will be used to refinance existing debt as well as fund an expansion of the mall. The Al Futtaim Group is a UAE-based family-owned that employs more than 20,000 people in over 65 companies, according to its website.

DFC will pay an interest rate of 225 basis points over the London interbank offered rate (Libor), one of the sources revealed, noting that the pricing which DFC was getting from lenders was cheap, given the long lifespan of the transaction.

The deal could be completed as early as the first week of December, Reuters cited the first source as saying.