Sweid One Lands AED460mln Loan for Landmark Dubai Development
Deal News | Feb 04, 2025 | Zawya
Sweid & Sweid has secured a significant AED 460 million Amortizing Term Loan Facility from Arab Bank to support the development of its latest project, Sweid One, a high-profile Grade-A office building in Jumeirah Lakes Towers, Dubai. The deal signifies a strong relationship between Sweid & Sweid and Arab Bank, which has previously financed other substantial undertakings such as the Banyan Tree Residences in Dubai and The 47th Office Building in Cairo. Scheduled for completion in 2026, Sweid One aims to elevate the commercial landscape of JLT with its innovative design and comprehensive amenities, including a large business center and the area's first food hall. This collaboration highlights Arab Bank's commitment to Dubai's economic growth by investing in quality developments. The confidence shown by Arab Bank in this venture underlines the burgeoning market demand for premium office space in Dubai, reinforcing the city's status as a global business hub.
Sectors
- Real Estate Development
- Banking & Finance
Geography
- United Arab Emirates – The development project, Sweid One, is located in Dubai, a major city in the United Arab Emirates.
- Egypt – Mentioned in relation to a prior collaboration between Sweid & Sweid and Arab Bank for The 47th Office Building.
Industry
- Real Estate Development – The article discusses the development of a large Grade-A office tower, focused on enhancing the commercial real estate landscape in Dubai.
- Banking & Finance – Involves Arab Bank providing significant financial support for the development project, underlining the bank's role in enabling economic growth through strategic financing.
Financials
- AED 460 million – The amount of the Amortizing Term Loan Facility secured for the development of Sweid One.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Sweid & Sweid | Developer | Company | Real estate development company responsible for the Sweid One project. |
| Arab Bank | Financer | Company | Provided the AED 460 million term loan to finance the development of Sweid One. |
| Maher Sweid | Managing Partner | Person | Oversees operations at Sweid & Sweid and is quoted regarding the project. |
| Ahmed Taha | Head of Corporate & Institutional Banking - UAE | Person | Represents Arab Bank and comments on the bank's involvement in the project. |