The international real estate investment and development arm of Dubai Holding, Sama Dubai, recently announced that it has successfully closed a $300 million, three year loan facility with a consortium of eight banks to provide equity for the its ambitious expansion plans into the international real estate industry.
Sama Dubai is seeking to invest in multi billion dollar real estate investments and developments overseas, according to Khaleej Times, to expand its portfolio from the UAE’s booming real estate industry to beyond its borders.
Participating banks in the deal 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. Emirates Bank International (EBI) will serve as the mandated lead arranger, underwriter and book runner for Sama Dubai's foray into the international syndicated loan market.
"The syndication deal is a reflection of the confidence the regional banking sector reposes in Sama Dubai's global investment strategy,” stated Rick Pudner, CEO Emirates Bank Group.
“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,” he added.
