Barclays press release

Press release

Majid Al Futtaim Properties signs a USD 232 million Syndicated Term Loan Facility

January 19, 2011. Majid Al Futtaim Properties, LLC has successfully closed a syndicated term loan with relationship banks. The US$232 million facility has a tenure of 3 years and was increased from a launch amount of US$200 million following an oversubscription. 7 banks have joined the facility, including Arab Bank PLC, Barclays Bank PLC, BBK, Commercial Bank of Dubai P.S.C. and Mashreq Bank P.S.C. as Mandated Lead Arrangers and Abu Dhabi Commercial Bank and Samba Financial Group as Arrangers. Barclays Capital acted as sole Co-ordinator and Bookrunner. 

Daniele Vecchi, Head of Group Treasury at Majid Al Futtaim Group LLC said: “The success of this transaction in difficult market conditions highlights the confidence of our relationship banks in our sound credit fundamentals and unique business model. The proceeds of this transaction will be used for general corporate purposes, including liquidity management as per the Group’s policy”.

Natasha Isakova, Head of Emerging Markets Loans for Barclays Capital in London said: “We are proud to co-ordinate this transaction for MAF Properties and accompany them in their growth story. The success of this transaction demonstrates that there is an appetite in the loan market for Dubai based privately owned companies.” 

Fergus McDonald, Managing Director and Country Head, Barclays Corporate UAE said: “We value our relationship with MAF Group and congratulate them on this very successful financing. The strong demand for this facility is testament to the strong fundamentals of the MAF Group and investor confidence in the MENA economic growth story. We are delighted to have been able to support MAF on this transaction and look forward to working closely together in the future as well.”

MAF Properties is an integrated real estate development and management company with market leadership positions in shopping malls, hotels and master-planned communities. MAF Properties LLC is the primary operating subsidiary of the MAF Group, the leading retail and commercial project developer and operator in the Gulf region. 

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Notes to Editors:

Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate banking, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs nearly 147,000 people. Barclays moves, lends, invests and protects money for more than 48 million customers and clients worldwide.