Dubai Investments Real Estate Company (DIRC) has signed an AED 1.1 billion ($299 million) financing deal with First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) for its Mirdif Hills development, according to a statement.

DIRC – the real estate development arm of Dubai Investments – said on Sunday that the project financing was arranged as a club deal by FAB and ADCB.

Mirdif Hills, which is being constructed in phases with a project cost in excess of AED 3 billion, is currently the only freehold development situated in the Mirdif area.

It is located adjacent to Mushrif Park and also is in close proximity to Dubai International Airport, and is being launched in clusters.

Khalid Bin Kalban, Managing Director & CEO of Dubai Investments and Chairman of DIRC, said: “Mirdif Hills is an iconic project by Dubai Investments, which sets new benchmarks in freehold mixed-use developments in Dubai. The financing agreement with First Abu Dhabi Bank and Abu Dhabi Commercial Bank reinforces Dubai Investments’ commitment to work in strategic partnership with banks for its projects. This is a significant step forward as Dubai Investments continues to develop and monetize its real estate land bank.”