Business
DAR GLOBAL SECURES AED 750M SECURED TERM LOAN
DAR GLOBAL SECURES AED 750M SECURED TERM LOAN.
About this update from Dar Global Plc
[{"type":"text","content":"\n\n \n30 May 2023\n \nDar Global PLC\n \n(\"Dar Global\" or \"the Group\")\n \nDAR GLOBAL SECURES AED 750 MILLION SECURED TERM LOAN\n \n \nDar Global, the luxury international real estate developer, is pleased to announce that its UAE based wholly owned subsidiary has signed an AED 750 million (equivalent to approximately US$204 million) secured term loan facility (the \"Facility\") with Emirates NBD.\n \nThe Facility has a tenure of four years and is priced at a competitive fixed margin over the Emirates Interbank Offered Rate (\"EIBOR\").\n \nThe Board of Dar Global envisages using the proceeds from the facility for future asset acquisitions and general corporate purposes (including working capital requirements), as the Group continues to build its international portfolio of luxury second home and leisure developments in desirable locations across Europe and the Middle East.\n \nZiad El Chaar, CEO of Dar Global, commented:\n \n\"This new facility provides us with additional capital to accelerate our growth in key markets as we look to capitalise on sustained demand for luxury properties from internationally mobile, high net worth investors.\"\n \n \nAhmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, added:\n \n\"We are pleased to structure a facility that perfectly aligns with Dar Global's business ambitions. This milestone is a testament to our expertise in delivering comprehensive financial solutions and reinforces our commitment to be a trusted partner in the ever-evolving global markets.\"\n \nEND\n \n \nFor further enquiries, please contact:\n \n\n\n\nDar Global PLC\nAbhilash Paul\n \n\n\[email protected]\[email protected]\n \n\n\n\n\nLiberum (Corporate Broker)\nDru Danford\nJamie Richards\nWill King\nNikhil Varghese\n \n\n\n+44 (0) 20 3100 2000\n\n\n\n\nPowerscourt (Financial PR Adviser)\nJustin Griffiths\nNick Dibden\nLouisa Henry\n\n\[email protected]\n+44 (0) 20 7250 1446\n\n\n\n \n \nAbout Dar Global\n \nDar Global PLC is a highly differentiated international real estate business. It focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the Middle East and Eu...