Dubai Investments Real Estate Company (DIRC) has signed a Dh1.1 billion ($299.47 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development in Dubai, UAE.

DIRC is the real estate development arm of Dubai Investments, a leading, diversified investments conglomerate listed on the Dubai Financial Market.

The project financing was arranged as a club deal by FAB and ADCB. FAB acted as the sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank. ADCB acted as a facility agent and security agent.

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.

Mirdif Hills, which is being constructed in phases with a project cost in excess of Dh3 billion ($816.5 million), is currently the only freehold development situated in the Mirdif area. It is located adjacent to Mushrif Park and also is in close proximity to Dubai International Airport. Mirdif Hills is being launched in clusters and will be replete with all lifestyle attractions and a wide array of commercial and retail outlets, community recreation and landscaped areas in a gated environment.  

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 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 monetize its real estate land bank.”

Sayegh said: “The financing for ‘Mirdif Hills’ project is one of First Abu Dhabi Bank’s strategic transactions with Dubai Investments. 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.”

Fraser said: “ADCB is committed to playing an integral role in the development of key developments within the UAE, and the agreement with Dubai Investments for financing the Mirdif Hills project exemplifies this strategic roadmap. The agreement further is a testament to ADCB’s success in delivering banking excellence in the UAE.” – TradeArabia News Service