Doha Bank’s corporate finance division has successfully closed a deal worth AED500mn with Sobha Group of Dubai.
Sobha Hartland, a mixed-use development at the Mohammed Bin Rashid Al Maktoum City, is just 3km from Burj Khalifa.
The development comprises 8mn sq ft of land area, a significant portion of which is dedicated to green living as well as many villas and numerous low- mid- and high-rise apartments, schools, hotels, a club house and retail spaces.
Sobha Group is a multi-national, multi-product group with significant developments and investments in the UAE, Oman, Qatar, Bahrain, Brunei, Tanzania, India and China.
Activities of the group include contracting, construction, real estate development, metal glazing works, building services, manufacturing of construction materials, architectural and engineering design and consultancy.
The facility was arranged by Doha Bank with a five-year tenor and will enable Sobha Group to fund its expansion plans in Dubai.
“Sobha Group is pleased to have this facility from Doha Bank which will help us in pursuing our strategic growth plans in Dubai by partnering with a financing partner with footprints in markets where we are active. Currently we are placing our focus on Sobha Hartland, our latest project, which is a 8mn sq ft mixed-use freehold development located in Mohammed Bin Rashid Al Maktoum City, just 3km from Dubai’s iconic Burj Khalifa,” said PNC Menon, chairman, Sobha Group.
Doha Bank Group CEO, Dr R Seetharaman said, “We are pleased to have the opportunity to finance Sobha Group’s future growth. Doha Bank is committed to supporting the wider business community in the UAE.
“For this reason, we see the potential to further grow our relationship with Sobha Group in terms of cross-selling our financial products and support their long term financial needs.”
