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Dubai, UAE - Abu Dhabi Financial Group ("ADFG") today announced that its debt platform, Integrated Alternative Finance, has arranged a debt facility for the Balqis Residence development on the Palm Jumeirah, Dubai.
The project is being developed by Kuwait Stock Exchange-listed IFA Hotels & Resorts. A section of a larger development on the Palm's Crescent, Balqis Residence is a 1,478,000 sq.ft. of mixed-use residential and serviced apartment complex, comprising 34 villas, two town houses, two penthouses and 351 apartments and suites, all inspired by traditional Arab architecture.
The facility arranged by ADFG will fund the project through to completion, which is expected in the first quarter of 2017.
Jassim Alseddiqi, Chief Executive Officer of ADFG, said: "ADFG has established an enviable reputation for its ability to structure effective debt solutions for asset owners and developers across the world. We are always particularly proud to support projects in our home UAE market and we are delighted to be able to fully fund the Balqis Residence through to completion."
Khaled Esbaitah, CEO of IFA Hotels & Resorts ME, said: "We are delighted to welcome a new partner on board with the financial strength and technical expertise of ADFG. We look forward to furthering this relationship with ADFG on future projects."
Investbridge Capital provided corporate advisory services to IFA, while Hogan Lovells was IFA's legal advisor. ADFG and Integrated Alternative Finance were provided with legal services by Allen & Overy.
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About Integrated Alternative Finance (IAF)
A DFSA regulated entity with offices in the Dubai International Financial Centre, Integrated Alternative Finance provides alternative financing and structuring solutions across multiple asset classes and markets, with particular expertise in the UAE and London. It has arranged and financed transactions in excess of AED 3 billion in the last 12 months.
About Abu Dhabi Financial Group (ADFG)
ADFG is an alternative investment manager focused on growth and value creation across financial services, real estate and technology. Since it was established, ADFG has expanded and evolved to deliver consistent returns to its clients, pursuing a strategy of opportunistic investments across a variety of sectors and geographies. This approach has enabled the firm to successfully adapt to variations in the macroeconomic climate in order to respond to investors' changing needs. Today, ADFG has assets under management of over $3.5bn, international offices in the UAE (Abu Dhabi and Dubai), the UK (London) and Montenegro (Podgorica), and has received widespread acclaim for its strong track record and pioneering approach to investing. For further information on ADFG, visit www.adfg.ae.
For further information, please contact:
Tom Drummond / Liam Turner
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-4507600
Fax: 971-4-4358040
Email: tom.drummond@bm.com / liam.turner@bm.com
© Press Release 2016
