Dubai Investments Park Development Company sign AED 250 million syndicated loan agreement to fund DIP expansion

The 3-year syndicated term loan facility is structured to finance infrastructure development at DIP.

Khalid Bin Kalban, Managing Director and CEO of Dubai Investments, signed contracts with 15 leading banks for the syndicated loan arrangement. Emirates Financial Services - the investment banking subsidiary of Emirates Bank International - and Standard Chartered Bank are the mandated lead arrangers and joint book runners for the transaction.

Speaking at the signing ceremony, Khalid Bin Kalban said,

"Dubai Investments Park's state-of-the-art facilities have already attracted a multitude of companies from across the business and industrial spectrum. However, the demand for space at DIP has been only increasing, which persuaded us to expand our facilities. The syndicated loan agreement will ensure that we have an assured pool of funds to realize our goal of transforming the Park into the premier business zone in the region."

"We are proud to be the Mandated Lead Arranger of this syndicated loan facility," said Suresh Kumar, CEO of Emirates Financial Services. "DIP is an important business destination, one that is at the forefront of Dubai's rapid economic development. The fact that the deal was oversubscribed by over two times is testimony to the banking community's confidence in this landmark project."

Ray Fergusson, CEO of Standard Chartered Bank, said, "The rapid growth of Dubai has brought with it an unprecedented demand for financing facilities. No less than five banks involved in this syndicated loan facility are based outside the UAE, which indicates the strong demand for credit from UAE-based businesses. Through this arrangement, SCB further strengthens the close relationship it shares with Dubai Investments."