Dar Global secures growth capital

Dar Global, the luxury international real estate developer, is pleased to announce that the Company and Dar Alarkan Global Investment L.L.C. (a related party and the "Majority Shareholder"), have secured a loan facility of up to USD 275 million (the "Facility"), from Emirates NBD and other consortium partners.

The proceeds of the Facility will, in turn, be extended to the Company from the Majority Shareholder in the form of a secured loan (the "Loan"), it will have a tenor of up to 42 months and is priced at a competitive fixed margin over the Emirates Interbank Offered Rate ("EIBOR"). The security for the Facility and the Loan to be provided to the Company include: a subordinated charge on the assets acquired utilising proceeds from the Facility and the assignment of cash flows from UAE-based assets of the Company. It is further supported by the Majority Shareholder through a corporate guarantee and the collateralisation of its investment in the Company. The Facility will be repaid through cash flows generated by the Company (including assigned cash flows).

The Company's board plans to use the proceeds across several countries specifically targeted as part of its strategic growth plan. This Facility is in addition to the other existing facilities available to the Group.

The Facility demonstrates the Company's ability to successfully access the bank debt market and ensures continued growth to enhance shareholder returns.

Ziad El Chaar, CEO of Dar Global, commented:

"This capital demonstrates the strong support we have from our parent company. It will allow us to take advantage of additional growth opportunities as we actively pursue a number of projects in our target markets, including the UAE, UK, United States and Saudi Arabia. We continue to see sustained demand for our properties from buyers from over 100 nationalities, who are looking to invest in luxury homes in highly desirable international locations."

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 2024, total assets were AED 902 billion, (equivalent to approx. USD 246 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 858 branches and 4,450 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.