Emirates NBD has increased a syndicated conventional and Islamic term facility for Dar Global by $165 million, bringing the total to $440 million under Project Litmus.
Emirates NBD Capital acted as the initial mandated lead arranger and bookrunner on the deal.
Around half of the additional funding came from local and regional banks, secured through Emirates NBD’s distribution capabilities. The arrangement includes provisions allowing Dar Global to extend the loan term or further increase funding.
Dar Global, the international arm of Dar Al Arkan, said the facility is underwritten by Emirates NBD and supported by ADCB, FAB and Zand Bank. The structure is secured by a pledge of shares and corporate guarantees. The company intends to use the additional liquidity to expedite existing projects and pursue new developments across the Middle East, Europe and North America.
Emirates NBD’s Group Head of Wholesale Banking, Ahmed Al Qassim, described the transaction as aligned with Dar Global’s ambitions and illustrative of the bank’s financing capabilities.
