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3 year USD300m loan facility with banks signed by Sama
- September 27, 2006, 8:05 pm
Sama Dubai, the international real estate investment and development arm of Dubai Holding, today announced it has successfully closed a three-year USD300 million loan facility with a consortium of eight leading banks.
The funding will be used towards providing part equity contributions for Sama Dubai’s ambitious international expansion strategy.
Emirates Bank International (EBI) is the mandated lead arranger, underwriter and book runner for Sama Dubai’s first foray into the international syndicated loan market. Participating banks are Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank, and Bank Muscat SAOG.
Mr Rick Pudner, CEO Emirates Bank Group said: ‘The syndication deal is a reflection of the confidence the regional banking sector reposes in Sama Dubai’s global investment strategy.
‘We are very pleased to have been mandated as lead managers and bring this deal to successful fruition. The syndication has attracted strong interest from the financial sector. We believe the arrangement will provide Sama Dubai with greater financial flexibility for its future expansion.’
Sama Dubai works with local, regional, and international partners to maximize returns through leveraging efficiencies across operations and financing. Earlier this year, Sama Dubai established a joint venture with Emirates Bank Group to create multiple funds for the real estate sector.
Farhan Faraidooni, CEO, Sama Dubai said: ‘The agreement represents Sama Dubai’s debut in the international syndicated loan markets. The overwhelming support from the banks will allow us to profile Sama Dubai for further deals in the future and drive our highly ambitious global development goals. It also provides timely momentum to identify new investment opportunities in international markets that demonstrate a high potential for growth.’
In seeking multi billion dollar real estate investments and developments overseas, Sama Dubai is committed to sharing Dubai’s evolutionary real estate achievements with the world through its broad portfolio of unique business models.
Sama Dubai uses industry best practices, a broad network of expertise, and its underlying financial strength to assume complex and challenging real estate investment, development and management projects in prime locations across international markets. Dynamic and highly ambitious, Sama Dubai is committed to becoming the largest premium real estate developer in the region and one of the top five in the world.
Its broad portfolio of business models includes mixed use towers, industrial parks, marinas, resorts and spas, self-contained urban development, residential communities, mega malls and business parks.
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