Emirates NBD successfully upsizes syndicated facilities for Dar Global to USD 440 million

2 Min | 25 August 2025

Luxury real estate developer strengthens liquidity to accelerate international projects amidst robust investor demand

Dubai, UAE, 25 August 2025: Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT) region, announced the successful USD 165 million upsize to a total of USD 440 million of existing syndicated conventional and Islamic term facilities (“Project Litmus”) for Dar Global Plc, the international arm and wholly-owned subsidiary of the Saudi Exchange-listed Dar Al Arkan Real Estate Development Company (“Dar KSA”).

Emirates NBD Capital, acting as the Initial Mandated Lead Arranger and Bookrunner, spearheaded the USD 165 million enhancement. The upsized financing will support Dar Global's global expansion plans, enabling the luxury real estate developer to accelerate existing projects and pursue new property developments across key markets.

This transaction underscores Emirates NBD's robust structuring and underwriting capabilities, solidifying its position as a key financial partner for regional and international developers as the luxury real estate sector continues to demonstrate accelerated growth potential across major markets.

Ahmed Al Qassim, Group Head of Wholesale Banking, Emirates NBD, said: "We are pleased to structure a facility that perfectly aligns with Dar Global's business ambitions. This milestone is a testament to our expertise in delivering comprehensive financial solutions and reinforces our commitment to be a trusted partner in rapidly evolving global markets.”

This upsize was supported by Emirates NBD's diverse distribution capabilities, which enabled the Bank to secure commitments for approximately half of the additional funding from external financial institutions including local and regional banks prior to closing the transaction. The facility features several provisions and criteria to provide Dar Global with flexibility, including options to extend the loan's duration or total funding to meet the company’s future growth targets.

Ziad El Chaar, CEO of Dar Global, said: “The new Litmus financing facility will strengthen Dar Global’s liquidity with an additional USD 165 million, increasing the facility to USD 440 million. Underwritten by Emirates NBD and supported by ADCB, FAB and Zand Bank, the structure is secured by pledge of shares and backed by corporate guarantees. This enhanced liquidity will accelerate the company’s existing projects and enable greater flexibility in pursuing new opportunities across the Middle East, Europe and North America, reinforcing long term resilience and execution capacity.”

As a leading banking group in syndicated finance with a demonstrated expertise in the real estate sector, Emirates NBD continues its commitment to supporting the growth and international ambitions of its clients through its tailored financing solutions.

more app