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IFA Hotels and Resorts has secured a 600 million UAE dirhams ($163 million) refinancing with a UAE bank for its 391-room Fairmont The Palm property located on The Palm Jumeriah.
The contract, with a 15-year maturity, will be used to settle an existing loan worth AED 581 million from another UAE bank, a source within IFA Hotels & Resorts told Zawya.
The source also confirmed an IFA corporate facility based in the UAE has also taken a loan of AED 30 million from a local bank, which will fund expansion activities for the company across several operating entities in the emirates.
The second loan comes with a 12-year maturity.
IFA Hotels is a subsidiary owned by Kuwait’s International Financial Advisors (IFA), listed on both Boursa Kuwait and the Dubai Financial Market (DFM).
Kuwait’s IFA Hotels and Resorts (IFHR) has secured a $10 million loan through its subsidiary for a mega development in South Africa.
In September, the IFA subsidiary also signed a contract with South Africa’s ABSA Bank for the banking facilities to complete the remaining infrastructure of the Zimbali Lakes Project, a family residential and leisure development located north of the port city of Durban.
(Reporting by Bindu Rai, editing by Seban Scaria)
