Dubai: Dubai-headquartered lender Emirates NBD has successfully arranged a Dh750 million bilateral loan for the UAE-based wholly owned subsidiary of Dar Global, the London-listed international real estate business.
The term loan facility has a tenure of four years and is priced at a competitive fixed margin over the Emirates Interbank Offered Rate (EIBOR). Dar Global plans to use the proceeds from the facility for future asset acquisitions, general corporate purposes and working capital requirements, as the group continues to build its international portfolio of luxury second home and leisure developments in desirable locations across Europe and the Middle East.
Ziad El Chaar, CEO of Dar Global, said: “This new facility provides us with additional capital to accelerate our growth in key markets as we look to capitalise on sustained demand for luxury properties from internationally mobile, high net worth investors.”
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: “We are pleased to structure a facility that perfectly aligns with Dar Global’s business ambitions. This milestone is a testament to our expertise in delivering comprehensive financial solutions and reinforces our commitment to be a trusted partner in rapidly evolving global markets.”
Dar Global is the international real estate arm of Dar Al Arkan, a 28-year-old real estate development company, which has a portfolio across the UAE, Qatar, Oman, Bosnia, the UK and Spain. Some prominent projects include Urban Oasis Tower in collaboration with Missoni, Da Vinci Tower with interiors by Pagani, Les Vagues residences by Elie Saab, and the W Residences Dubai – Downtown.
