Dubai: Emirates NBD, the largest banking group in the Middle East in terms of assets, has signed a Dh500 million bilateral structured debt agreement with Daman Real Estate Capital Partners.
The agreement will provide part financing for Daman's first project, The Buildings, which will be located in the Dubai International Financial Centre.
Commenting on the agreement, Abdul Wahid Al Fahim, general manager - wholesale banking, Emirates NBD, said: "We are proud to be associated with the debut financing for Daman's project in DIFC, which is considered one of the most prestigious landmarks in Dubai."
Quality
"This unique debt structure reinforces Emirates NBD's position at the top end of the corporate credit market in terms of transaction structure and quality," Al Fahim added.
Shehab Gargash, CEO of Daman, said: "Our financial model has always been structured to conform to international investment standards. But it is no surprise that a bank of the calibre of Emirates NBD has joined a long list of quality partners as the provider of the debt financing. This shows the progressive thinking that has distinguished their exceptional and continuing development."
