THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE
PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO.
596/2014), AS IT FORMS PART OF THE UNITED KINGDOM DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS
AMENDED.
24 July 2024
DAR GLOBAL
PLC
('Dar Global', or the
'Company', or the
'Group')
DAR GLOBAL SECURES ADDITIONAL
GROWTH CAPITAL OF UP TO USD 275 MILLION TO PROPEL NEW PROJECTS
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."
END
For
further enquiries, please contact:
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, London and the Costa del Sol region
in the South of Spain.
Dar Global was originally
established to house and develop the international 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. USD 9 billion.
The Company 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 Spain, Dubai, Maldives, Athens, Saudi Arabia 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
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.