Emirates NBD, a leading bank in the region, signed on June 24, 2013, the successful closure of an AED 900 million Club Deal for developer Abdulsalam Al Rafi Group. Emirates NBD was the lead manager in the deal, which also involved First Gulf Bank. The facility offers financing for the construction of Burj Al Salam Towers on Dubai’s Sheikh Zayed Road.
“Emirates NBD has been playing a key role in supporting the development of the different sectors of the UAE economy through enabling various businesses, and we are committed to strengthening the economy further through enabling such financing agreements,” said Salah Mohammed Amin, General Manager, Corporate Banking Group, Emirates NBD. “The Club Deal highlights Emirates NBD’s intention to form strategic alliances with leading financial and corporate institutions to capture the best opportunities available in the market, and as a leading financial institution in the region, the bank has both the capacity and the appetite to undertake such transactions.”
Burj Al Salam Towers is a mixed use property featuring commercial, residential and hospitality segments in three towers. Abdulsalam Al Rafi Group has appointed Starwood Hotels under (Sheraton Dubai Tower Hotel) as the operator for the property. The Residential and Commercial Towers are expected to open in September 2013 while the Hotel Tower is scheduled to be ready in March 2014.
“Burj Al Salam Towers is an important development for Abdulsalam Al Rafi Group. The project is set to become another landmark on Dubai’s property scene and add to the group’s existing portfolio of properties in Dubai. We are pleased to be working with Emirates NBD and First Gulf Bank, which have been key partners in this development,” said Abdulsalam Al Rafi, Group Chairman of Abdulsalam Al Rafi Group.
“We are delighted to have been enabled to work closely in this facility with Emirates NBD and in achieving the successful closure of such a major deal,” said George Abraham, Executive Vice President, Group Head of Corporate Banking, First Gulf Bank. “The Club Deal offered us the opportunity to combine our strengths and resources to structure and optimal financial solutions to support this valued client of both our institutions and an important initiative. FirstGulf Bank remains committed to provide comprehensive solutions to support development activities in the local market.”