Sunrise Properties Limited, a company incorporated in the Jebel Ali Free Zone and part of EPG Hotels & Resorts, United Arab Emirates, signed an AED 515,000,000 syndicated term and murabaha facilities in Dubai. Emirates NBD Capital Limited was the sole Mandated Lead Arranger and Bookrunner of the financing.
Doha Bank Q.S.C. and Emirates NBD Bank PJSC were the financiers of the financing. The financing, which will be used for the development of the luxury hotel named Emerald Palace Kempinski Hotel on Palm Jumeirah, was fully-subscribed by the financiers.
Mr. Nver Mkhitaryan, the promoter of EPG Hotels & Resorts and Sunrise Properties Limited, stated, "This is the second major project being developed by the Group after completing the currently operational Kempinski Residences & Hotel Apartments. Our goal is to become a key player in the Dubai's hospitality industry and we will be launching other hospitality projects in Dubai very soon. This project financing reflects the confidence of our banking partners in our competitive strength as a reputed developer and in Dubai's robust tourism and hospitality market. We are grateful for the support we have received from our banking partners and look forward to developing relationships with other banking institutions as well.
EPG Hotels & Resorts offers to individual and institutional investors Hotel Units in the Emerald Palace Kempinski Hotel Palm Jumeirah for freehold acquisition with a compulsory lease-back to the Hotel. I take this opportunity to invite the Investors to become an owner in the Hotel project and have a share in its revenue."
Mr. Mahdi Kazim, the General Manager Large Corporate of Emirates NBD said, "Emirates NBD has arranged and financed numerous landmark development financings in Dubai and UAE. This financing will add a key hospitality asset to our portfolio. We are pleased to have partnered with Emerald Palace Group Limited in arranging this financing for its subsidiary, Sunrise Properties Limited. This financing further cements our footprint in the Dubai & UAE hospitality sector and our credentials as a lead arranger for structured and syndicated financings."
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About Sunrise Properties Limited and Emerald Palace Group Limited
Sunrise Properties Limited is a wholly owned subsidiary of Emerald Palace Group Limited operating under the brand EPG Hotels & Resorts. Sunrise Properties Limited is the developer of the Emerald Palace Kempinski Hotel, Palm Jumeirah which is located adjacent to the currently operational Kempinski Residences & Hotel Apartments, Palm Jumeirah that was developed by Emerald Palace Group Limited. Mr. Nver Mkhitaryan, a Ukranian national, is the sole promoter of Emerald Palace Group Limited.
About Emirates NBD
Emirates NBD is a leading banking Group in the region. As at 30th June 2015, total assets were AED 388.1 Billion, (equivalent to approx. USD 105 Billion). The Group has a leading retail banking franchise in the UAE, with more than 220 branches and over 900 ATMs and CDMs in the UAE and overseas. It is a major player in the UAE corporate and retail banking arena and has strong Islamic banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, Egypt, the Kingdom of Saudi Arabia, Singapore, the United Kingdom and representative offices in India, China and Indonesia.
The Group is an active participant and supporter of the UAE's main development initiatives and of the various educational, environmental, cultural, charity and community welfare establishments.
© Press Release 2015
