14 Short term borrowings and medium term loans

Short term borrowings and medium term loans

Short term borrowings

  2017 2016
AED’000 AED’000
 
At 1 January 192,500 340,000
Proceeds received 123,910 12,500
Repayments (50,000) (160,000)
At 31 December
266,410
192,500

These short-term borrowings carry variable interest rates ranging from 3.37% p.a to 5.31% p.a (2016:3.13 % p.a to 5.02% p.a).



Medium term loans

  2017 2016
AED’000 AED’000
 
At 1 January 87,500 137,500
Proceeds received 100,000
Repayments (66,666) (50,000)
At 31 December
120,834
87,500
Medium term loan Year in which medium term loan was obtained Year in which medium term loan will mature Facility amount approved and obtained

AED ‘000

Repayment schedule Interest rate
Medium term loan 1 4 February 2015 2018 150,000 11 equal instalments of AED 12,500 thousand plus interest and one final instalment (12th) covering the residual utilisation amount plus interest. 3 months EIBOR + 1.75%
Medium term loan 2 24 May 2017 2020 100,000 11 equal instalments of AED 8,333 thousand plus interest and one final instalment (12th) covering the residual utilisation amount plus interest. 3 months EIBOR + 2.1%

No financial covenants attached to short-term borrowings or medium term loans.