UAE-based Al Hamra Real Estate Development said it has increased the value of a syndicated loan to Dh1.25 billion ($340.3 million) from Dh850 million ($231 million) previously.

Al Hamra, based in the northern emirate of Ras Al Khaimah, 130 km from the UAE's commercial hub Dubai, signed the seven-year loan last June.

Goldman Sachs remained lead arranger and sole bookrunner on the upsized loan, while original lenders Abu Dhabi Commercial Bank, Commercial Bank of Dubai and Union National Bank also contributed to the extra Dh400 million added to the facility.

The loan will be used for capital expenditure and general business purposes, Al Hamra said in an emailed statement.-Reuters