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ADIB leads $272m Islamic financing for Meydan

The deal was structured to meet Meydan’s financing objectives, on the back of its ongoing District One Project located in Dubai’s Mohammed Bin Rashid City

Meydan Avenue and MBR District 11.
Meydan Avenue and MBR District 11.

Abu Dhabi Islamic Bank (ADIB) is leading a $272m Islamic financing facility for Meydan Group to fund its projects in Dubai.

The deal was structured to meet Meydan’s financing objectives, on the back of its ongoing District One Project, a master-planned luxury residential neighborhood in Dubai’s Mohammed Bin Rashid City.

Dubai Islamic Bank and Al Hilal Bank were both mandated lead arrangers for the financing, which matures in December 2018.

Tirad Al Mahmoud, CEO of ADIB, said: “[The deal] also evidences the results we are achieving through stepping up our corporate financing activity, with a particular focus on high-growth companies and the real estate sector.”

The deal will help utilise financing for the group’s current and future projects including those along the Dubai Water Canal.

The funding will also help finance continued investment across all Meydan areas.

Mr. Saeed Humaid Al Tayer, Chairman and CEO of the Meydan Group LLC said: “This facility assists in realising our funding objectives to build strategic partnerships with local and regional financial institutions to continue our growth and enable us to fulfil our business strategy of linking the world with the Emirate of Dubai.”

Meydan Group is currently developing a number of projects in Mohammed Bin Rashid Al Maktoum City including the District Eleven and District One projects.
 

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Construction Week - Issue 741
May 11, 2019