Dubai –  The Commercial Bank of Dubai (CBD) has arranged an AED 530 million syndicated financing for Gulf Data Hub (GDH), a data centre facility in Dubai Silicon Oasis.

GDH will use the fund in developing its new 12 megawatt (MW) data centre located in the Industrial City of Abu Dhabi (ICAD) in Abu Dhabi, according to a press release on Tuesday.

CBD acted as an initial mandated lead arranger and bookrunner on the facility and was joined by The National Bank of Ras Al Khaimah (RAKBANK), Emirates Development Bank, and Gulf International Bank.

The CEO of CBD, Bernd van Linder, said: "GDH operates in an industry which is crucial for future growth, and we are proud to be part of this Emirati success story. Moreover, leading another successful market deal is a true testament to CBD’s robust capabilities and ongoing commitment to backing our customers’ ambitions."

Meanwhile, the CEO of Gulf Data Hub, Tarek Alashram, commented: "Gulf Data Hub, the largest privately-owned data center developer in the UAE, is on a major expansion spree originating from the high demand in the data centre market. We have partnered with CBD to fuel rapid expansion plans and GDH's strategic, futuristic and successful roadmap."

It is noteworthy to mention that during the first quarter (Q1) of 2022, the net profits of CBD amounted to AED 431.33 million, up 32.6% year-on-year (YoY) from AED 325.02 million.

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