Dubai – Mubasher: Dubai Investments Real Estate Company LLC (DIRC), the property development arm of Dubai Investments, on Sunday announced signing an AED 1.1 billion financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development.
The loan was arranged as “a club deal” by FAB and ADCB, DIRC said in a statement, noting that FAB was acting as the sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank for the deal.
ADCB will be acting as a facility agent and security agent on the Mirdif Hills project financing, DIRC said.
Currently under development by DIRC, project costs of Mirdif Hills, which will be implemented on a number of phases, exceed AED 3 billion. The project is "the only freehold development situated in the Mirdif area".
Located adjacent to Mushrif Park and in close proximity to Dubai International Airport, the Mirdif Hills project 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,” DIRC said.
The deal was signed by Dubai Investments managing director & CEO, who doubles as DIRC chairman, Khalid bin Kalban, FAB deputy group CEO André Sayegh, and ADCB’s head of wholesale banking Colin Fraser.
Commenting on the deal, bin Kalban described the Mirdif Hills project as an iconic project that “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,” he said, adding that the deal was “a significant step forward”.
Meanwhile, FAB deputy group CEO André Sayegh said that “the financing for Mirdif Hills project is one of First Abu Dhabi Bank’s strategic transactions with Dubai Investments PJSC. 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.”
