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

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Khalid Bin Kalban, André Sayegh and Colin Fraser.

Dubai: Dubai Investments Real Estate Company LLC [DIRC] has signed an AED 1.1 billion financing deal with First Abu Dhabi Bank [FAB] and Abu Dhabi Commercial Bank [ADCB] for its much-anticipated Mirdif Hills development. Mirdif Hills is being developed by DIRC – the real estate development arm of Dubai Investments PJSC, the leading, diversified investments conglomerate listed on the Dubai Financial Market.

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.

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.

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 monetize 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 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.”

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.”

Dubai Investments PJSC:

Dubai Investments PJSC is a leading investment company listed on the Dubai Financial Market with over 19,800 shareholders and a paid-up capital of AED 4 billion. Incorporated in 1995, the company has grown exponentially with investments in a number of businesses across three core sectors – real estate, manufacturing & industrial and financial investments across the UAE and the Middle East.

Since inception, Dubai Investments has challenged the norms and introduced cutting-edge technologies, pioneering business models, unique investment strategies and innovative concepts across its diversified portfolio spanning different sectors and markets across the globe. Dubai Investments currently has over 40 subsidiaries & joint ventures under its portfolio, across a wide array of industries and continues to seek new investment opportunities in new sectors, locally and internationally, as part of its strategic expansion plans.

First Abu Dhabi Bank:

FAB, the UAE’s largest bank and one of the world’s largest financial institution offers an extensive range of tailor-made solutions, and products and services, to provide a customised experience. Through its strategic offerings, it looks to meet the banking needs of customers across the world via its market-leading Corporate and Investment Banking and Personal Banking franchises.

Headquartered in Abu Dhabi in Khalifa Business Park, the bank’s international network spans over 19 countries across the world, providing the global relationships, expertise and financial strength to support local, regional and international businesses seeking to do business at home and abroad.

In line with its commitment to put customers first, to Grow Stronger, FAB will continually invest in people and technology to create the most customer-friendly banking experience, and will support the growth ambitions of its stakeholders across countries in which the bank operates.

To empower its customers and clients to Grow Stronger, FAB is initiating a powerful movement, which goes beyond banking. The Grow Stronger movement represents the bank’s promise to support its stakeholders’ goals and growth ambitions, providing ideas, tools and expertise to help them become stronger, today and in the future.

Based on pro-forma financial information as at June-end 2017, FAB had total assets of AED 625 Billion (USD 170 Billion). FAB is rated Aa3/AA-/AA- by Moody’s, S&P and Fitch respectively, the strongest combined ratings of any bank in the MENA region. Through a strong, diversified balance sheet, leading efficiency and a solid corporate governance structure in place, FAB is set to drive growth forward.

Abu Dhabi Commercial Bank:

Abu Dhabi Commercial Bank [ADCB] was formed in 1985 and as at 30 June 2017 employed over 4,500 people from 78 nationalities, serving retail customers and corporate clients in 48 branches, 3 pay offices and 2 branches in India, 1 branch in Jersey and representative offices in London and Singapore. As at 30 June 2017, ADCB’s total assets were AED 259 billion.

ADCB is a full-service commercial bank which offers a wide range of products and services, which include retail banking, wealth management, private banking, corporate banking, commercial banking, cash management, investment banking, corporate finance, foreign exchange, interest rate and currency derivatives and Islamic products, project finance and property management services.

ADCB is owned 62.52% by the Government of Abu Dhabi (Abu Dhabi Investment Council). Its shares are traded on the Abu Dhabi Securities Exchange. As at 30 June 2017, ADCB’s market capitalisation was AED 36 billion.