A large UAE based group was looking for $150mn funding in order to build a mall. Project & Promoters (management) had very good credentials & vision. Company was recently formed with weak financials but with strong management with exceptional background and experience in the field. Company approached Blend and appointed us an exclusive fund raiser for this Mall project. With our physical presence in UAE, Blend has developed an extensive network of lenders across Middle East & GCC. We successfully raised $100mn from one of the largest Kuwaiti DIFC based bank.
Addition to that we further received approval of $50mn from another large UAE bank acting as a participating cum security creating bank. UAE markets which is currently witnessing a real estate slump and where lenders are shying away from large Greenfield projects but with Blend’s expertise and reach we successfully raised funding for this group. We worked on the proposal, right from developing the financial model till the legal documentation stage and met the client’s expectation and lenders’ requirements well within a timeline. The mall is the world’s first nature-inspired mall in Dubai and with our efforts in making the financial closure happen, is now scheduled to open in the second quarter of 2018.