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UAE’s Al Hamra Real Estate Says Increases Loan To $340m

UAE’s Al Hamra Real Estate Says Increases Loan To $340m

The loan will be used for capital expenditure and general business purposes, Al Hamra said in a statement.

Al Hamra Real Estate Development has increased the value of a syndicated loan to Dhs1.25 billion ($340.3 million) from Dhs850 million previously, the United Arab Emirates’ firm said on Monday.

Al Hamra, based in the northern emirate of Ras Al Khaimah, 130 kilometres from the UAE’s commercial hub Dubai, signed the seven-year loan last June.

Goldman Sachs remained lead arranger and sole bookrunner on the upsized loan, while original lenders Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Union National Bank also contributed to the extra Dhs400 million added to the facility.

The loan will be used for capital expenditure and general business purposes, Al Hamra said in an emailed statement.

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