Dar Global PLC DAR GLOBAL SECURES AED 750M SECURED TERM LOAN (0550B)
30 Maio 2023 - 12:35PM
UK Regulatory
TIDMDAR
RNS Number : 0550B
Dar Global PLC
30 May 2023
30 May 2023
Dar Global PLC
("Dar Global" or "the Group")
DAR GLOBAL SECURES AED 750 MILLION SECURED TERM LOAN
Dar 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.
The Facility has a tenure of four years and is priced at a
competitive fixed margin over the Emirates Interbank Offered Rate
("EIBOR").
The 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.
Ziad El Chaar, CEO of Dar Global, commented:
"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."
Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD,
added:
"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."
END
For further enquiries, please contact:
Dar Global PLC apaul@darglobal.co.uk
Abhilash Paul ir@darglobal.co.uk
Liberum (Corporate Broker)
Dru Danford
Jamie Richards
Will King
Nikhil Varghese +44 (0) 20 3100 2000
Powerscourt (Financial PR Adviser) darglobal@powerscourt-group.com
Justin Griffiths +44 (0) 20 7250 1446
Nick Dibden
Louisa Henry
About Dar Global
Dar 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 Europe, including downtown Dubai, Muscat in Oman
and the Costa del Sol region in Southern Spain.
Dar Global was originally established to house and develop the
international (non-Kingdom of Saudi Arabia based) assets of Dar Al
Arkan Real Estate Development PJSC ("DAARE"), a leading real estate
developer in the Kingdom of Saudi Arabia. Listed on the Saudi Stock
Exchange since 2007, Dar Al Arkan has delivered over 15,000
residential units with total assets of c. US$8.5 billion.
In the near future, the Group intends to expand its focus to
hospitality assets. The aim is to acquire or build hotels and sell
them after a period of three to five years of operation once the
hotels or resorts' revenue streams stabilise. Target markets
include Southern Spain, Dubai, Maldives, Athens, Marrakesh and
London.
Dar Global was admitted to the Main Market of the London Stock
Exchange on 28 February 2023.
Please visit www.DarGlobal.co.uk
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in
the MENAT (Middle East, North Africa and Türkiye) region with a
presence in 13 countries, serving over 17 million customers. As at
31st March 2023, total assets were AED 782 billion, (equivalent to
approx. USD 213 billion). The Group has operations in the UAE,
Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the
United Kingdom, Austria, Germany, Russia and Bahrain and
representative offices in China and Indonesia with a total of 874
branches and 4,144 ATMs / SDMs. Emirates NBD is the leading
financial services brand in the UAE with a Brand value of USD 3.89
billion.
Emirates NBD Group serves its customers (individuals,
businesses, governments, and institutions) and helps them realise
their financial objectives through a range of banking products and
services including retail banking, corporate and institutional
banking, Islamic banking, investment banking, private banking,
asset management, global markets and treasury, and brokerage
operations. The Group is a key participant in the global digital
banking industry with 97% of all financial transactions and
requests conducted outside of its branches. The Group also operates
Liv., the lifestyle digital bank by Emirates NBD, with close to
half a million users, it continues to be the fastest-growing bank
in the region.
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END
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May 30, 2023 11:35 ET (15:35 GMT)
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