Dubai – Mubasher: Dubai Investments Park Development Company (DIPDC), a 100% subsidiary of Dubai Investments (DIC), on Thursday announced that has signed a $300 million bilateral term loan facility with Emirates NBD.

The 5.5-year loan will be allocated to repay the existing Sukuk of $300 million maturing in February 2019, according to the company’s statement to the Dubai Financial Market (DFM).

“Given our robust business model and strong relationship with local financial institutions, we have assessed that it is currently competitive to refinance the existing Sukuk through a bilateral facility provided by ENBD. We value our long-standing relationship with ENBD and the financing arrangement reinforces our mutual commitment to work in partnership with each other,” Omar Al Mesmar, general manager of Dubai Investments Park, said.

The company noted that Al Mal Capital acted as the financial advisor on the transaction.