Saudi investors to remain confident in Dubai property sector, developer says

The biggest GCC property investors in Dubai other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion. (AFP)
Updated 13 September 2017
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Saudi investors to remain confident in Dubai property sector, developer says

DUBAI: Saudi Arabian investors will continue to put their faith in Dubai real estate because the emirate’s property market has a proven reputation for delivering long-term benefits, a developer said on Wednesday.
Okbah Abdulkarim, Chief Operating Officer of ARTAR Real Estate Development, said Dubai’s status as a safe haven for real investors remains intact and major developments driving the economy are building investor interest, particularly from Saudi Arabia.
“Many Saudis still see Dubai as a desirable city to visit because it’s close by, there are shared religious and cultural values and a superb lifestyle here,” Abdulkarim said.
“There’s a lot of diversification in the investment opportunities here in Dubai and it’s a city that Saudis know well, and trust,” he said, whose company is building Mada Residences tower in Downtown Dubai and is due for completion by the second quarter of next year.
Official Dubai Land Department figures show that in the 18 months to June this year, the biggest GCC property investors in Dubai other than Emiratis were Saudis who made a total of 5,366 transactions worth Dh12.5 billion.
“Dubai has built protection from negative economic effects by creating an infrastructure for business, investment and living. It is still regarded as a city where residential property provides long-term financial security,” Abdulkarim said.


Dubai Aerospace signs $480 million loan deal

Updated 21 May 2018
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Dubai Aerospace signs $480 million loan deal

DUBAI: Dubai Aerospace Enterprise (DAE), one of the world’s largest aircraft lessors, said on Monday it had signed a four-year loan deal for $480 million.
DAE, a government-controlled company set up in 2006, has become one of the world’s largest aircraft lessors after acquiring Dublin-based AWAS last year.
The acquisition tripled the Dubai aircraft leasing and maintenance company’s portfolio to about 400 aircraft worth more than $14 billion.
The $480 million loan, which includes both conventional and Islamic finance tranches, has a so-called “accordion facility” allowing it to be increased to up to $800 million.
With the loan, the company’s unsecured revolving credit facilities increase to between $1.125 billion and $1.445 billion, depending on final size of the latest deal, Firoz Tararpore, DAE’s chief executive, said in a statement.
“On a pro forma basis as of December 2017, if this facility is fully drawn and if the proceeds are used to pay down secured indebtedness, DAE’s percentage of unsecured debt would increase from 26 percent to a range of 31-34 percent.”
Last year, the company issued $2.3 billion in senior bonds split across three tranches last year, partly to finance the AWAS acquisition.
Tarapore said in an interview last week that DAE was in talks to buy a near-record total of 400 jetliners from Airbus and Boeing in an order that could be worth more than $40 billion at list prices.
Al Ahli Bank of Kuwait coordinated the latest loan deal and was also the lead arranger and joint bookrunner together with First Abu Dhabi Bank, while Noor Bank joined the deal as lead arranger.