The Facility Agreement will provide GPD Investments with a term loan of US$72 million for the Grade 'A' twin-tower development comprising 32 floors of commercial offices, six levels of car parking and two floors of retail outlets. ABK will also be acting as the Escrow Agent for the development.
Commenting on the agreement, Amin Habib, Managing Director, Global Retail and Commercial Banking, UAE and Gulf States said: 'The transaction confirms Barclays reputation of structuring innovative facility arrangements. Furthermore, with ABK's input, this matter is fully compliant with the new escrow law recently released by the Lands Department.'
Vikram Pradhan, General Manager for ABK said 'We are delighted to be involved with this transaction with Barclays. In light of the funding structure, GPD has been able to market this development by offering purchasers staggered payments that will be protected by the escrow account. GPD Investments, a British property development company, which began its Middle East operation in 2002, currently has a project portfolio with a value of over US$ 600 million.'
Barclays, Al Ahli Bank of Kuwait and GPD Investment agree $72m funding
Barclays Bank PLC, Al Ahli Bank of Kuwait (ABK) and GPD Investments today signed a $72m Term Loan Facility for the development of Empire Heights in Business Bay.
- United Arab Emirates: Wednesday, October 10 - 2007 at 12:10
- PRESS RELEASE
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| Left - Amin Habib - MD Barclays Global Retail and Commercial Banking, UAE, Middle - Nick Way - MD GPD Investments, Right - Vikram Pradhan - General Manager Al Ahli bank of Kuwait. |
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About Barclays Global Retail and Commercial Banking:
Barclays Global Retail and Commercial Banking (GRCB) encompasses all of Barclays retail and commercial banking businesses around the world. Operating in more than 50 countries and employing more than 100,000 people, Barclays GRCB comprises UK Retail Banking, UK Business Banking, Barclaycard, Absa (Barclays Bank PLC owns 57,6% of Absa Group Limited), GRCB Emerging Markets and GRCB Western Europe. Barclays GRCB serves more than 25 million customers and clients around the globe through a network of more than 3,800 branches and sales centres, and more than 12,000 ATMs.
To find out more about the individual Barclays GRCB businesses, please visit our website: www.barclays.com
About Barclays in the UAE and Gulf States
Barclays Commercial Banking offers a wide spectrum of customised solutions to meet the needs of its customers. This ranges from vanilla trade finance requirements such as letters of credit and guarantees to more complex products such as commodity financing, acquisition financing and structured financing packages for specific sectors such as property. The solutions provided by Barclays Commercial Banking are tailored, and can be rapidly customised to meet the evolving needs of its growing customer base. In cognisance of the strong trade and investment linkages within the Gulf and North African region, the Barclays Commercial banking team has developed its regional hub in the UAE and as a result is able to offer a seamless and integrated offering across the Middle East and North Africa. The operation also includes Retail. Ahmed Khan is the CEO Global Retail and Commercial Banking, Emerging Markets.
Barclays has operated in the UAE for over thirty years and is now expanding in the Emirates as part of its strategy to increase exposure to attractive emerging markets and the reach of its retail banking service. The bank launched its UAE mortgage business last year, breaking the mould with its Mini-driving sales team. From June 2007, customers in the UAE are being offered new products that make it easier to bank with Barclays. Using technology and an innovative mobile sales force,
Barclays will take its banking services to its customers in the UAE instead of the customer coming to the bank.
Posted by Lara Lynn Golden, News EditorWednesday, October 10 - 2007 at 12:10 UAE local time (GMT+4)
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