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UAE lender Deem Finance, which is owned by family business conglomerate Gargash Group, has secured an asset-backed securitization facility (ABS) of up to $400 million, with J.P. Morgan as the facility provider.
The financing is expected to bolster the company’s balance sheet and support its SME and consumer lending activities.
As part of the deal, J.P. Morgan will provide up to $400 million through a senior revolving facility backed by receivables originated by Deem across various asset classes.
“This financing reinforces our commitment to addressing the needs of underserved communities in the UAE,” said Chris Taylor, CEO of Deem Finance.
Deem provides personal and corporate financing, including credit cards, personal loans, business financing and auto loans.
Daman Investments acted as financial advisor for Deem in the transaction.
(Writing by Cleofe Maceda; editing by Seban Scaria)
