Dubai: Commercial Bank of Dubai (CBD) has successfully arranged, structured and concluded an AED 530 Million Syndicated Financing for Gulf Data Hub (GDH). The facility will be used to fund the development of GDH’s new 12MW Data Center located in ICAD, Abu Dhabi. The transaction reflects CBD’s ability to finance significant projects of this nature and thereby back the nation’s ambitions.
Commercial Bank of Dubai acted as the Initial Mandated Lead Arranger and Bookrunner on the facility and was joined by The National Bank of Ras Al Khaimah, Emirates Development Bank and Gulf International Bank.
Making the announcement, Dr. Bernd van Linder, Chief Executive Officer of Commercial Bank of Dubai, said: “We are pleased to announce the closure of this landmark transaction which underscores the close relationship between CBD and GDH, as well as our strong partnership with local and regional banks. 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.”
Tarek Alashram, Chief Executive Officer of Gulf Data Hub, said: “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 Center Market. We have partnered with CBD to fuel rapid expansion plans and GDH's strategic, futuristic and successful roadmap. We highly value our relationship which is based on deep mutual trust and understanding. We appreciate of CBD's agility to respond to GDH's needs in this successful growth journey.”
About Commercial Bank of Dubai:
Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services.
For additional information, contact CBD’s PR and Media team at PRandMedia@cbd.ae