REG - Dar Global PLC - DAR GLOBAL SECURES AED 750M SECURED TERM LOAN

Dar GlobalAnnouncement

30/05/2023 16:45

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RNS Number : 0550B  Dar Global PLC  30 May 2023

 

30 May 2023

 

Dar Global PLC

 

("Dar Global" or "the Group")

 

DAR GLOBAL SECURES AED 750 MILLION SECURED TERM LOAN

 

 

Dar Global, the luxury international real estate developer, is pleased to
announce that its UAE based wholly owned subsidiary has signed an AED 750
million (equivalent to approximately US$204 million) secured term loan
facility (the "Facility") with Emirates NBD.

 

The Facility has a tenure of four years and is priced at a competitive fixed
margin over the Emirates Interbank Offered Rate ("EIBOR").

 

The Board of Dar Global envisages using the proceeds from the facility for
future asset acquisitions and general corporate purposes (including working
capital requirements), as the Group continues to build its international
portfolio of luxury second home and leisure developments in desirable
locations across Europe and the Middle East.

 

Ziad El Chaar, CEO of Dar Global, commented:

 

"This new facility provides us with additional capital to accelerate our
growth in key markets as we look to capitalise on sustained demand for luxury
properties from internationally mobile, high net worth investors."

 

 

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, added:

 

"We are pleased to structure a facility that perfectly aligns with Dar
Global's business ambitions. This milestone is a testament to our expertise in
delivering comprehensive financial solutions and reinforces our commitment to
be a trusted partner in the ever-evolving global markets."

 

END

 

 

For further enquiries, please contact:

 

 Dar Global PLC                      apaul@darglobal.co.uk (mailto:apaul@darglobal.co.uk)

 Abhilash Paul                       ir@darglobal.co.uk (mailto:ir@darglobal.co.uk)

 Liberum (Corporate Broker)          +44 (0) 20 3100 2000

 Dru Danford

 Jamie Richards

 Will King

 Nikhil Varghese

 Powerscourt (Financial PR Adviser)  darglobal@powerscourt-group.com (mailto:darglobal@powerscourt-group.com)

 Justin Griffiths                    +44 (0) 20 7250 1446

 Nick Dibden

 Louisa Henry

 

 

About Dar Global

 

Dar Global PLC is a highly differentiated international real estate business.
It focuses predominantly on developing real estate projects comprising second
homes for internationally mobile customers, in some of the most desirable
locations across the Middle East and Europe, including downtown Dubai, Muscat
in Oman and the Costa del Sol region in Southern Spain.

Dar Global was originally established to house and develop the international
(non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate
Development PJSC ("DAARE"), a leading real estate developer in the Kingdom of
Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has
delivered over 15,000 residential units with total assets of c. US$8.5
billion.

In the near future, the Group intends to expand its focus to hospitality
assets. The aim is to acquire or build hotels and sell them after a period of
three to five years of operation once the hotels or resorts' revenue streams
stabilise. Target markets include Southern Spain, Dubai, Maldives, Athens,
Marrakesh and London.

Dar Global was admitted to the Main Market of the London Stock Exchange on 28
February 2023.

 

Please visit www.DarGlobal.co.uk (http://www.DarGlobal.co.uk)

 

About Emirates NBD

Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT
(Middle East, North Africa and Türkiye) region with a presence in 13
countries, serving over 17 million customers. As at 31st March 2023, total
assets were AED 782 billion, (equivalent to approx. USD 213 billion). The
Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi
Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain
and representative offices in China and Indonesia with a total of 874 branches
and 4,144 ATMs / SDMs. Emirates NBD is the leading financial services brand in
the UAE with a Brand value of USD 3.89 billion.

Emirates NBD Group serves its customers (individuals, businesses, governments,
and institutions) and helps them realise their financial objectives through a
range of banking products and services including retail banking, corporate and
institutional banking, Islamic banking, investment banking, private banking,
asset management, global markets and treasury, and brokerage operations. The
Group is a key participant in the global digital banking industry with 97% of
all financial transactions and requests conducted outside of its branches. The
Group also operates Liv., the lifestyle digital bank by Emirates NBD, with
close to half a million users, it continues to be the fastest-growing bank in
the region.

 

 

 

 

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