Ras Al Khaimah-based company says it has increased value of syndicated loan by $109m
Al Hamra Real Estate Development has increased the value of a syndicated loan to 1.25 billion dirhams ($340.3 million) from 850 million dirhams previously, the UAE-base firm said on Monday.
Al Hamra, based in the northern emirate of Ras Al Khaimah, 130 kilometres from the UAE's commercial hub Dubai, signed the seven-year loan last June.
Goldman Sachs remained lead arranger and sole bookrunner on the upsized loan, while original lenders Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Union National Bank also contributed to the extra 400 million dirhams added to the facility.
The loan will be used for capital expenditure and general business purposes, Al Hamra said in an emailed statement.
Long a relative backwater in the economy of the seven-member United Arab Emirates, northern emirates such as Ras Al Khaimah are now growing rapidly as wealth spreads from Abu Dhabi and Dubai.