Dubai Investments Real Estate signs $300m deal for Mirdif Hills

Khalid bin Kalban, André Sayegh and Colin Fraser signing the project financing deal.
Updated 06 August 2017
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Dubai Investments Real Estate signs $300m deal for Mirdif Hills

Dubai Investments Real Estate Company LLC [DIRC] has signed an 1.1 billion dirhams ($300 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development. Mirdif Hills is being developed by DIRC — the real estate development arm of Dubai Investments PJSC, a diversified investments conglomerate listed on the Dubai Financial Market.
The project financing was arranged as a club deal by FAB and ADCB. FAB acts as a sole coordinator, joint mandated lead arranger, book runner, issuing bank and account bank. ADCB acts as a facility agent and security agent on the Mirdif Hills project financing.
The deal was signed by Khalid bin Kalban, managing director & CEO of Dubai Investments and chairman of DIRC; André Sayegh, deputy group CEO of FAB; and Colin Fraser, head of wholesale banking at ADCB.
Mirdif Hills, which is being constructed in phases with a project cost in excess of 3 billion dirhams, is currently the only freehold development situated in the Mirdif area. It is located adjacent to Mushrif Park and also is in close proximity to Dubai International Airport. Mirdif Hills is being launched in clusters and will feature lifestyle attractions, commercial and retail outlets, community recreation and landscaped areas in a gated environment.
CEO bin Kalban said: “Mirdif Hills is an iconic project by Dubai Investments, which sets new benchmarks in freehold mixed-use developments in Dubai. The financing agreement with First Abu Dhabi Bank and Abu Dhabi Commercial Bank reinforces Dubai Investments’ commitment to work in strategic partnership with banks for its projects. This is a significant step forward as Dubai Investments continues to develop and monetize its real estate land bank.”
Sayegh said: “The financing for ‘Mirdif Hills’ project is one of First Abu Dhabi Bank’s strategic transactions with Dubai Investments PJSC. As the largest bank in the UAE, we are committed to backing key projects and initiatives that support the UAE’s economy and growth plans.”
Fraser said: “ADCB is committed to playing an integral role in the development of key developments within the UAE, and the agreement with Dubai Investments for financing the Mirdif Hills project exemplifies this strategic roadmap. The agreement further is a testament to ADCB’s success in delivering banking excellence in the UAE.”


Gaming giant Tencent Games picks Dubai for MENA headquarters

Updated 26 June 2019
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Gaming giant Tencent Games picks Dubai for MENA headquarters

DUBAI: China’s Tencent Games has chosen Dubai as regional headquarters for its Middle East and North Africa operations, with Dubai Internet City housing the gaming giant’s office.

Tencent Games was launched in 2003 and has since grown into a global platform for game development, publishing and operation. Its ownership stakes and alliances with many major video game companies includes Fornite, Ubisoft, Activision-Blizzard, Riot Games, Supercell and Take-Two Interactive Software.

The opening of Tencent Games’ regional headquarter is an indication of increased activities in the local and regional games industry which covers digital entertainment, education and cultural experiences, a statement said.

According to market research firm Newzoo, the revenue of the UAE games sector is estimated at $324 million (1.2 billion dirhams) in 2019. Furthermore, over 80 percent of smartphone users in the UAE play mobile games, it said.

The UAE has the highest mobile penetration rate in the world at 173 per cent – nearly double the country’s population, according to a report by Statista released in late 2018. This is a considerable figure and represents a wealth of opportunities for game developers, with revenues from mobile games representing more than half the income generated in the entire industry.

“Gaming moves beyond entertainment and is increasingly used to engage and educate, and as more gamers and creative enthusiasts enter the industry, we can certainly expect the market to develop rapidly in the coming years,” Ammar Al-Malik, managing director of Dubai Internet City and Dubai Outsource City said.

Vincent Wang, general manager of the Global Publishing Department at Tencent Games, said: “The UAE’s high mobile and internet penetration is an extremely encouraging indicator for tech firms across the world, and is especially relevant to the global games industry.”