The agreement will provide part financing for Daman's first project "The Buildings by Daman" which will be located in Dubai International Financial Centre.
Commenting on the agreement, Mr. Abdul Wahed Al Fahim General Manager - Wholesale Banking, Emirates NBD said: "We are proud to be associated with the debut financing for Daman's project in DIFC, which is considered one of the most prestigious landmarks in Dubai. This unique debt structure reinforces Emirates NBD's position at the top end of the corporate credit market in terms of transaction structure & quality."
Commenting on behalf of Daman, Mr. Shehab Gargash, CEO stated: "Our financial model has always been structured to conform to international investment standards but it is no surprise that a bank of the calibre of ENBD has joined a long list of quality partners as the provider of the debt financing. This shows the progressive thinking that has distinguished their exceptional and continuing development."
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Emirates NBD signs Dhs500m Structured Debt Financing agreement with Daman
- United Arab Emirates: Monday, March 10 - 2008 at 12:13
- PRESS RELEASE
Emirates NBD, the largest banking group in the Middle East in terms of Assets has signed an Dhs500m bi-lateral structured debt agreement with Daman Real Estate Capital Partners.
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About Emirates NBDEmirates NBD is the biggest banking group in the Middle East by assets and the biggest banking group in the UAE by market capitalization. The Group has a leading retail banking franchise in the UAE, with over 110 branches and over 440 ATMs. It is a major player in the UAE corporate banking arena, with a combined market share of almost a fifth of corporate loans. It also has strong Islamic banking, investment banking, private banking, asset management and brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore.
For more information, please contact:
Ibrahim Soweidan
04-2092916
Ramy Lawand
04-2012204
Claire Andrea
04-2092352
About Daman Investments PSC
Daman Investments PSC is a private joint stock company based in Dubai and capitalized at AED 200 million. From its early beginnings in 1998, the group has grown rapidly into a non-bank financial services company now widely recognized as an authority in its core markets, the Gulf Cooperation Council and Iraq.
Known for offering innovative investment products and services to both regional and international clients, Daman provides investment management and development capital investment opportunities as well as domestic and regional brokerage operations through its subsidiaries. Daman is committed to the principles of ethical business practice and operational transparency. All Daman's various operations are regulated by the United Arab Emirates Central Bank, the Emirates Securities and Commodities Authority and the Dubai Financial Services Authority. Daman is well positioned for its clients as their gateway to the new Arab World economy.
Posted by Eman HassanMonday, March 10 - 2008 at 12:13 UAE local time (GMT+4)
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