19 January 2015
• Al Hamra Real Estate Development scales up 7-year financial package

• Original deal signed in June 2014 will rise from AED850m to AED1.2bn

• Deal secures finances for growth and expansion at property developer

Following a deal signed on 29 June 2014, Al Hamra Real Estate Development has upsized its existing AED850 million (US$230 million) debt facility by a further AED400 million (US$109 million). The facility, which was provided by a syndicate of global and local lender, will be used for general corporate purposes and for capex.
 
As with the first transaction, Goldman Sachs acted as mandated lead arranger and sole bookrunner, with the original lenders Abu Dhabi Commercial Bank PJSC, Commercial Bank of Dubai PSC and Union National Bank PJSC participating in the upsize, said Benoy Kurien, General Manager of Al Hamra Real Estate Development.
 
"We are delighted to announce the expansion of our debt facility and the extension of our relationship with Goldman Sachs. Our ability to draw on additional financing will not only support new projects, but is also an indication of the understanding and trust that we have developed with one of the world's leading financial institution," he said.
 
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About Al Hamra Real Estate Development
Al Hamra Village is the flagship master planned development of Al Hamra Real Estate Development, which is fast becoming one of the UAEs most significant real estate developers. Al Hamra Village is a luxurious integrated community, located in Ras Al Khaimah on the shores of the Arabian Gulf, offering laidback oceanfront living approximately 45 minutes from Dubai the world's busiest airport. The development covers an area of 77 million square feet and includes 1.5 kilometers of pristine beach, over 1,000 villas and townhomes, nearly 2,500 residential apartments, 5 hotels including the legendary Waldorf Astoria, an 18-hole golf course, a marina, and a shopping mall. Al Hamra Village offers investors a unique opportunity to purchase freehold property in the emirate.
 
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
 
For more information, please contact:
Adam Pitt
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Mobile: +971 50 708 6790
Email: adam@zed-communications.com
 
Joshua Jireh
PR Manager
Zed Communications Dubai LLC
Tel: +971 4 250 0336
Mobile: +971 56 768 1943
Email: joshua@zed-communications.com

© Press Release 2015