The real estate arm of Dubai Investments, a UAE-based investment company, has signed a Dh1.1 billion financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development, the company said on Sunday.
In a statement, Dubai Investments Real Estate Company (DIRC) said that the project financing was arranged as a club deal by FAB and ADCB.
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.
“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 monetise its real estate land bank,” Bin Kalban said in a statement.
FAB’s André Sayegh added: “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.”
Mirdif Hills, which is being constructed in phases with a project cost in excess of Dh3 billion, is currently the only freehold development situated in the Mirdif area.