ANNOUNCEMENTS AND DISCLOSURES

MEDIA LIBRARY > PRESS RELEASES > ANNOUNCEMENTS AND DISCLOSURES

The real estate market is undoubtedly one of the most dynamic markets in the global scenario, and First Dubai Real Estate Company ensures that you remain updated about the latest developments and trends in the property market. We invite you to browse through our exhaustive media library to know more about global and regional markets so that you are in a position to make informed decisions when it comes to your property investments.

Disclosure about Full Debt Settlement

  With reference to the above subject and to paragraph (10) of article 1-1-4 of chapter 4 of book 10 of the executive regulation of law No.7 of 2010 regarding the establishment of the Capital Markets Authority and regulating securities’ activities, kindly find attached disclosure of material information form:

02/09/2019

Date:

First Dubai Real-estate Development Co.

Name of listed company

First Dubai Real-estate Development Co. has settled the full due debts with a total amount of AED 189,500,000to one of the GCC banks in addition to the related financing charges and other due fees as of the settlement date. This settlement was funded by the parent company (Al Mazaya Holding Co. K.S.C.P) through the current account between the two parties.

Material information

This will be reflected in the interim consolidated financial information of the Company for the third quarter of 2019. This process will end the financing charges associated with the banking facilities as of the date of settlement in addition to the enhancement of future financial liquidity of the company.

Effect of the material information on the company financial position