Dubai Investments Park Development Company (DIPDC), the operator of Dubai Investments Park and wholly owned subsidiary of Dubai Investments, has signed a US$300 million bilateral term loan facility with Emirates NBD Bank (ENBD). The financing extends for a tenor of 5.5 years and will be utilised to repay the existing Sukuk of $300 million maturing in February 2019. Al Mal Capital acted as the financial advisor on the transaction.
Omar Al Mesmar, General Manager of Dubai Investments Park, said, "Given our robust business model and strong relationship with local financial institutions, we have assessed that it is currently competitive to refinance the existing Sukuk through a bilateral facility provided by ENBD. We value our long-standing relationship with ENBD and the financing arrangement reinforces our mutual commitment to work in partnership with each other."
Ahmed Al Qassim, Executive Vice President and GM Corporate Banking, highlighted that, "We at EmiratesNBD highly value our relationship with Dubai Investments. This transaction is a true reflection of our commitment to strategic and long term partnerships with our key clients and being a key player in the growth of UAE economy."
Dubai Investments Park is a unique, self-contained mixed-use industrial, commercial and residential development operated by Dubai Investments Park Development Company. Spread across an area of 2300 hectares, it is a city within a city offering world-class infrastructure and outstanding facilities and services. As a business destination it offers industrial facilities for small, medium, and large-sized enterprises, a wide array of warehousing, a large space for staff accommodation, plus over 20 million sq. ft of office space and showrooms. It is also a thriving community, with over 12,000 residential units and 120,000 residents as well as a university, six schools, five operational hotels, two hospitals and various retail options.