Dubai Investments Park Development Company announces agreement with Emirates NBD to repay sukuk
Dubai Investments Park Development Company (DIPDC), the operator of Dubai Investments Park and wholly owned subsidiary of Dubai Investments, has signed a $300 million bilateral term loan facility with Emirates NBD.
The financing extends for a tenor of 5.5 years and will be utilized to repay the existing sukuk of $300 million maturing in February.
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.”
Dubai Investments Park is a self-contained mixed-use industrial, commercial and residential development operated by DIPDC.
Spread across an area of 2,300 hectares, 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 also has 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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.