Sobha Group signs deal with Doha Bank

DUBAI: Doha Bank has successfully signed a corporate finance deal worth 500 million dirhams ($ 136 million) with Dubai's Sobha Group, with a syndicated facility of 800 million dirhams for the Sobha Hartland project.

The facility was arranged by Doha Bank with a five-year tenor and will enable Sobha Group to fund its expansion plans in Dubai.

"Sobha Group is pleased to have this facility from Doha Bank which will help us in pursuing our strategic growth plans in Dubai by partnering with a financing partner with footprints in markets where we are active," said PNC Menon, Chairman, Sobha Group.

Sobha Group is a multi-national, multi-product group with significant developments and investments in the UAE, Oman, Qatar, Bahrain, Brunei, Tanzania, India and China.

The group was founded by PNC Menon in 1976 (as Services & Trade Company) in Oman.

"We are pleased to have the opportunity to finance Sobha Group's future growth. Doha Bank is committed to supporting the wider business community in the UAE," said R Seetharaman, CEO, Doha Bank.