Sunday 30, July 2017 by Nabilah Annuar

Dubai Investments Real Estate signs AED 1.1 billion financing deal with FAB and ADCB

Dubai Investments Real Estate Company (DIRC) has signed an AED 1.1 billion financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for the much-anticipated development of Mirdif.

The project financing was arranged as a club deal by FAB and ADCB. FAB acts as a Sole Coordinator, Joint Mandated Lead Arranger, Book runner, Issuing Bank and Account Bank. ADCB acts as a facility agent and security agent on the ‘Mirdif Hills’ project financing.

The deal was signed by Khalid Bin Kalban, Managing Director & CEO of Dubai Investments and Chairman of DIRC, André Sayegh, Deputy Group CEO of FAB, and Colin Fraser, Head of Wholesale Banking at ADCB.

Commenting on the transaction, André Sayegh said, “The financing for ‘Mirdif Hills’ project is one of First Abu Dhabi Bank’s strategic transactions with Dubai Investments. As the largest bank in the UAE, we are committed to backing key projects and initiatives that support the UAE’s economy and growth plans.”

Mirdif Hills is being developed by DIRC—the real estate development arm of Dubai Investments, the leading, diversified investments conglomerate listed on the Dubai Financial Market.

Khalid Bin Kalban said, “Mirdif Hills is an iconic project by Dubai Investments, which sets new benchmarks in freehold mixed-use developments in Dubai. The financing agreement with First Abu Dhabi Bank and Abu Dhabi Commercial Bank reinforces Dubai Investments’ commitment to work in strategic partnership with banks for its projects. This is a significant step forward as Dubai Investments continues to develop and monetise its real estate land bank.”

Mirdif Hills, which is being constructed in phases with a project cost in excess of AED 3 billion, is currently the only freehold development situated in the Mirdif area. It is located adjacent to Mushrif Park and also is in close proximity to Dubai International Airport. Mirdif Hills is being launched in clusters and will be replete with all lifestyle attractions and wide array of commercial and retail outlets, community recreation and landscaped areas in a gated environment.

Colin Fraser added, “ADCB is committed to playing an integral role in the development of key developments within the UAE, and the agreement with Dubai Investments for financing the Mirdif Hills project exemplifies this strategic roadmap. The agreement further is a testament to ADCB’s success in delivering banking excellence in the UAE.”

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