DIRC raises Dh1.1B in financing agreement with FAB and ADCB
dubai — Dubai Investments Real Estate Company (DIRC) has signed a Dh1.1 billion financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development.
The project financing was arranged as a club deal by FAB and ADCB. FAB acted 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 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.
Mirdif Hills, which is being constructed in phases with a project cost in excess of Dh3 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.
Khalid bin Kalban said: “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.”
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.”
Colin Fraser said: “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.”
— waheedabbas@khaleejtimes.com