UAE banks ink $299m financing deal for Dubai's Mirdif Hills
Dubai Investments Real Estate Company has signed $299.4m financing deal with two UAE banks for Mirdif's only freehold development
Dubai Investments Real Estate Company (DIRC) has signed $299.4m (AED1.1bn) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development.
The deal was signed by Khalid Bin Kalban, managing director and CEO of Dubai Investments and chairman of DIRC; André Sayegh, deputy group CEO of FAB; and Colin Fraser, head of wholesale banking at ADCB.
As per the deal, FAB will act as a sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank, while ADCB will be the facility agent and security agent for Mirdif Hills.
The development is located adjacent to Mushrif Park and is in close proximity to Dubai International Airport.
Remarking on the agreement, Kalban said: “Mirdif Hills is an iconic project by Dubai Investments, which sets new benchmarks in freehold mixed-use developments in Dubai.
"The financing agreement with FAB and ADCB reinforces Dubai Investments’ commitment to work in strategic partnership with banks for its projects."
Mirdif Hills is being constructed in phases with a project cost in excess of $816.7m (AED3bn).
It is currently the only freehold development situated in the Mirdif area.