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Dar Global, the UAE-based luxury international real estate developer, has secured a 750 million dirham ($204 million) bilateral loan from the Dubai-based lender Emirates NBD.
Dar Global, which is the global subsidiary of Saudi Arabia's biggest developer Dar Al Arkan, plans to use the loan for future asset acquisitions, general corporate purposes and working capital requirements, it said in a regulatory filing on Thursday on the London Stock Exchange where it is listed.
Ziad El Chaar, CEO of Dar Global, said: “This new facility provides us with additional capital to accelerate our growth in key markets as we look to capitalise on sustained demand for luxury properties from internationally mobile, high net worth investors.”
(Writing by Brinda Darasha; editing by Seban Scaria)
