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.”


Marriott hotel, apartments open in Riyadh’s DQ

Updated 21 March 2019
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Marriott hotel, apartments open in Riyadh’s DQ

Marriott International and Dur Hospitality this week celebrated the opening of the Riyadh Marriott Hotel Diplomatic Quarter and Marriott Executive Apartments Riyadh, Diplomatic Quarter. The complex is strategically located in the heart of one of the most sought-after areas in the city with easy access to key embassies and major corporate headquarters, and a 30-minute drive from King Khalid International Airport. 

“We are delighted to enhance our footprint in Saudi Arabia with the opening of two strategically important hotels that not only complement each other but also deliver very distinct brand experiences. Saudi Arabia continues to be one of our key markets and we are delighted to further strengthen our partnership with Dur Hospitality,” said Alex Kyriakidis, president and managing director, Middle East and Africa, Marriott International.

The hotel is inspired by Wadi Hanifa, a beautiful desert oasis running through Riyadh. The low-rise hotel resembles the smooth, dry canyon walls that make for a dramatic arrival experience. Once you step inside, the waterways guide the way into the building, ushering guests through the arrival court into the palm-dotted oasis in the hotel’s courtyard. Planted cacti, flowering vines, plentiful blooming desert flora and native date palm trees create a calming ambiance, providing shade from the desert sun. 

The complex is the first five-star full service hotel in the Diplomatic Quarter and features 80 spacious modern rooms, and 140 fully equipped apartments. The deluxe rooms feature modern décor and ample work space, allowing guests to stay connected with in-room technology, including high-speed WiFi and bedside USB outlets. Guests staying in one of the six Premium Suites or the Presidential Suite can enrich their experience in the M Club Lounge offering an international buffet, hors d’oeuvre and local specialties 24 hours a day. 

The Riyadh Marriott Hotel Diplomatic Quarter houses three dining venues, Goji Kitchen — an all-day dining destination, a la carte restaurant Mesquite and Agave Café located in the lobby. The hotel offers multiple recreational areas surrounded by lush greenery. 

Muin Serhan, general manager of Marriott Hotels in Riyadh, said: “The opening of Marriott Riyadh and Marriott Executive Apartments Riyadh Diplomatic Quarter is considered an important milestone in our developing journey in the hospitality field; we are keen to provide a very special experience to our valuable guests whatever they are traveling for — business or leisure.”

He added: “And we are very proud to be part of the new Marriott travel program ‘Marriott Bonvoy,’ built on the belief that travel enriches its members and the world around them. Launching in February 2019, Marriott Bonvoy replaces Marriott Rewards, The Ritz-Carlton Rewards and Starwood Preferred Guest (SPG).”