Dubai Investments signs AED 1 bln project financing deal

30/07/2017 Argaam

Dubai Investments Real Estate Co. (DIRC) has signed an AED 1.1 billion financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development project.

 

The project financing was arranged as a club deal by FAB and ADCB.

 

Abu Dhabi-listed FAB will be the sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank. ADCB, meanwhile, acts as a facility agent and security agent on the project financing.

 

Mirdif Hills, which is being constructed in phases, has a project cost of more than AED 3 billion.

 

DIRC is the real estate development arm of DFM-listed Dubai Investments PJSC. 

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