Sweid & Sweid secures $125mln term loan for Dubai office tower
UAE-based boutique developer Sweid & Sweid secured a 460 million UAE dirhams ($125 million) Amortising Term Loan Facility from Arab Bank to finance the development of Sweid One, its Grade-A office tower in Jumeirah Lakes Towers (JLT), Dubai.
Arab Bank had previously provided finance for Banyan Tree Residences in Dubai, and The 47th Office Building in Cairo, Egypt.
Dubai-based Dutco Construction is the main contractor for Sweid One.
Set for completion in 2026, the $199 million Sweid One spans 500,000 square feet and includes four levels underground parking, a 30,000 square foot fully-serviced business centre and numerous F&B options including JLT's first-ever food hall.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
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