Dubai Investments unit signs $299m loan deal
Originally published in Trade Arabia (link below)
Dubai Investments Real Estate Company (DIRC) has signed a Dh1.1 billion ($299.47 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development in Dubai, UAE.
DIRC is the real estate development arm of Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market.
The project financing was arranged as a club deal by FAB and ADCB. FAB acted as the sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank. ADCB acted as a facility agent and security agent.
The deal was signed by Khalid Bin Kalban, managing director and CEO of Dubai Investments and chairman of DIRC; André Sayegh, deputy group CEO of FAB; and Colin Fraser, head of wholesale banking at ADCB.