Emirates NBD has announced the successful upsize of syndicated conventional and Islamic term facilities for Dar Global Plc, increasing the total facility to USD 440 million. The enhancement, known as “Project Litmus,” adds USD 165 million to the existing financing arrangement for Dar Global, which is a wholly-owned subsidiary of Saudi Exchange-listed Dar Al Arkan Real Estate Development Company.
Emirates NBD Capital led the transaction as Initial Mandated Lead Arranger and Bookrunner. The bank stated that this increased financing will help Dar Global accelerate its current international projects and pursue new developments in key markets.
According to Emirates NBD, this deal demonstrates its structuring and underwriting abilities within the luxury real estate sector. Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, said: “We are pleased to structure a facility that perfectly aligns with Dar Global’s business ambitions. This milestone is a testament to our expertise in delivering comprehensive financial solutions and reinforces our commitment to be a trusted partner in rapidly evolving global markets.”
The upsize was achieved through Emirates NBD’s distribution capabilities, securing commitments for about half of the additional funding from external institutions such as local and regional banks before closing. The agreement includes provisions allowing Dar Global flexibility regarding loan duration or overall funding based on future growth needs.
Ziad El Chaar, CEO of Dar Global, commented: “The new Litmus financing facility will strengthen Dar Global’s liquidity with an additional USD 165 million, increasing the facility to USD 440 million. Underwritten by Emirates NBD and supported by ADCB, FAB and Zand Bank, the structure is secured by pledge of shares and backed by corporate guarantees. This enhanced liquidity will accelerate the company’s existing projects and enable greater flexibility in pursuing new opportunities across the Middle East, Europe and North America, reinforcing long term resilience and execution capacity.”
Emirates NBD continues to focus on supporting clients’ growth strategies through customized financing solutions within syndicated finance and real estate sectors.
