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.”


Al-Habtoor receives members of Dubai Police’s Esaad

Updated 15 January 2019
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Al-Habtoor receives members of Dubai Police’s Esaad

Khalaf Al-Habtoor, founding chairman of the Al-Habtoor Group, received a delegation from the Dubai Police Esaad Program Committee at the Al-Habtoor Group head office on Monday. Mona Al-Ameri, head of the happiness committee, Dubai Police, thanked Al-Habtoor for his continuous support for the Dubai Police employee happiness initiative and presented the Al-Habtoor Group chairman, and Vice Chairman and CEO Mohammed Al-Habtoor with their personalized Esaad cards.

Dubai Police representatives included Masoud Ibrahim Alhammad, Khalid Alsuwaidi, Ahmed bin Ghafan, Ibrahim Alblooshi, Salah Amin, Mohammed Shoaib Albalooshi, Gaafar Salim, Sayed Ibrahim, Abdullah Haidarah, Hasan Saleh, Thureya Balhoul, Waheeda Abbas, Waheeda Abdulqadir, Mariyam Saeed Abdulhakeem, Khalil Ibrahim Ali and Mahmood Ibrahim. Also present was Abdul Salam Marzooqi, director of UAE affairs and community relations, Al-Habtoor Group.

Khalaf Al-Habtoor said: “I am happy to collaborate with the Dubai Police in their Esaad program and be able to show our men and women in the Dubai Police corps our appreciation for their commitment to our safety.

“Dubai’s appeal as an investment haven is in its stability, and that is largely due to the safety and security the Dubai Police provides. I commend them for their continued service to our community.”

Al-Habtoor called for the private sector to work closely with the public sector and commended the Esaad program committee for their efforts to reward employees for their performance, commitment and dedication to the job. 

Al-Ameri, head of the happiness committee, thanked Al-Habtoor for the warm welcome and gave a detailed brief about the Esaad card and its uses across various sectors including: Education, tourism, hospitality, aviation, entertainment and leisure, real estate and retail.

She said: “The Esaad card is trusted by the civil servants in Dubai and the UAE. The number of Esaad cardholders is currently at 108,498 employees from 128 governmental and semi-governmental departments.”

Al-Ameri commended the Al-Habtoor Group for its continuous support for community activities, noting that the Esaad program is an innovative program designed to achieve happiness in the community.

Al-Habtoor Group joined the Esaad program in October 2017 offering Dubai Police staff extended benefits and discounts at Habtoor Hospitality and Real Estate properties, including hotels, restaurant, leisure and entertainment facilities in the UAE and abroad. Dubai Police staff are offered a 50 percent discount at Al-Habtoor Group hotels in Dubai and internationally, as well as a 20 percent reduction at the group’s leisure and entertainment facilities. It also includes special rates on the new apartments at Al-Habtoor City Residence Collection.