DUBAI, 28 September 2006 — Sama Dubai, the international real estate investment and development arm of Dubai Holding, said yesterday that it has successfully closed a three-year $300 million loan facility with a consortium of eight leading banks. The funding will be used toward providing part equity contributions for Sama Dubai’s ambitious international expansion strategy.
Emirates Bank International (EBI) is the mandated lead arranger, underwriter and book runner for Sama Dubai’s first foray into the international syndicated loan market. Participating banks are Abu Dhabi Commercial Bank, Arab National Bank, Bank Saudi Fransi, Commercial Bank of Dubai, National Bank of Fujairah, Dubai Bank, and Bank Muscat SAOG.
Rick Pudner, CEO Emirates Bank Group said: “The syndication deal is a reflection of the confidence the regional banking sector reposes in Sama Dubai’s global investment strategy.
“We’re very pleased to have been mandated as lead managers and bring this deal to successful fruition. The syndication has attracted strong interest from the financial sector. We believe the arrangement will provide Sama Dubai with greater financial flexibility for its future expansion.”
Sama Dubai CEO Farhan Faraidooni said: “The agreement represents Sama Dubai’s debut in the international syndicated loan markets. The overwhelming support from the banks will allow us to profile Sama Dubai for further deals in the future and drive our highly ambitious global development goals. It also provides timely momentum to identify new investment opportunities in international markets that demonstrate a high potential for growth.”