| 08 Jun 2008 |
|
NBAD & Das Real Estate Sign AED 708 Million Loan
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Abu Dhabi: National Bank of Abu Dhabi (NBAD)National Bank of Abu Dhabi (NBAD)
, The Number One Bank in the UAE, and Das Real Estate, a UAE based leading developer, have signed TODAY an agreement for a term loan facility of AED 708 Million to finance the "Sea View Club Hotel & Apartments Complex Project" located on The Palm Jumeirah, Dubai. NBADNBAD acted as Arranger, Lender, Agent and Security Agent.The super luxury hotel and apartment complex has been envisioned for individuals looking for well being, tranquility, luxury, privacy and attention to detail. With the Feng Shui design, the project contains 246 hotel suites and 92 luxury residences, all of which have a sea view and direct access to a private beach, making every day a holiday living.
"This agreement is an added proof of our strong relationships with leading local and regional companies such as Das Real Estate. We appreciate our business partners who are eager to strengthen the development of the UAE's real estate and tourism sectors by launching this prestigious project" said Mr. Akram Mark Yassin, Senior General Manager of NBADNBAD's Corporate & Investment Banking Division.
"Since its inception in 1968, NBADNBAD remains committed to work with its distinguished business partners to underpin the development of the nation and finance various sectors to strengthen diversification of UAE economy. NBADNBAD will continue to support the development of the country for which world-class hotels are inevitable part" he added.
"We are keen on selecting only the best in class partners for our projects. We are proud to be cooperating with NBADNBAD
, a highly reputable bank with strong track record" said Mr. Mussabeh Salem Al Muhairi, the Chairman of Das Real Estate. "We are extremely pleased with the professional approach of Corporate Banking Group of National Bank of Abu Dhabi while handling this deal which reflects their strong track record and long experience in project financing of this nature" he added."We are delighted to be associated with Das Real Estate in this prestigious project which is being developed at highest standards and comprising of residential and hotel apartments and a five-star hotel" Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy General Manager of Domestic Banking Department, NBADNBAD said.
"NBADNBAD
is financing this project, which will add 246 hotel suites and 92 luxury residences to the hotels capacity in the country, as it caters to the high demand for new hotel rooms and residential units in the UAE" he explained."NBADNBAD's outstanding loans for the real estate sector increased to AED 22.16 billion by the end of 2007 compared to AED 12.6 billion in 2006 while outstanding loans for the construction sector increased to AED 3.78 billion in 2007 compared to AED 2.47 billion in 2006. This shows "The Number One Bank in the UAE" strives to keep pace with the development of the UAE and play a major role in building the country" Al Otaiba concluded.
Officials attending the signing ceremony at NBADNBAD main office in Abu Dhabi from NBADNBAD were Mr. Mr. Akram Mark Yassin, Senior General Manager of NBADNBAD's Corporate & Investment Banking Division; Mr. Saif A Al Shehhi, Senior General Manager of Domestic Banking Division; Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group-UAE & Deputy General Manager of Domestic Banking Department; Mr. Abdulla Al Sakeb, Deputy Head of Corporate Banking Group-UAE.
Simmons & Simmons and Clifford Chance were the legal counsel for the Bank and Borrower respectively.
About NBAD
The National Bank of Abu Dhabi (NBAD)National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, was incorporated in 1968. NBADNBAD has a network of 77 branches in the UAE in addition to Cash offices that are spread out at remote locations to provide banking services to customers stationed at offshore oil operations and in desert locations as well as other government organizations. NBADNBAD also has three Shift offices inside the security areas of the Abu Dhabi International Airport providing currency & traveler's cheques exchange services.
The branch network is widened further with 197 ATMs through which customers perform a variety of transactions.
Besides brick & mortar branches, NBADNBAD provides 24 hour internet banking accessibility through NbadOnline and NbadDirect, as well as account access and personalized customer support through the 24-hour Call Centre.
NBADNBAD's overseas network stretches from Oman, Kuwait, and Bahrain in the G.C.C., Egypt and Sudan in Africa, London, Paris, and Geneva in Europe to Washington D.C. in the U.S.A.
The bank provides its customer with a wide variety of financial services targeted at all segments of the retail and corporate market in addition to Fund Management, Brokerage, Leasing, Property Management businesses and Private Banking.
NBADNBAD is rated senior long term/short term A+/A-1 by Standard and Poor's, Aa3/P1 by Moodys and AA-/F1+ by Fitch giving one of the strongest combined rating of any Middle Eastern financial institution.
NBADNBAD is an award winning leader in the UAE and GCC financial services industry. Awards won by the bank include the Middle East Excellence Award 2008, the Mohamed Bin Rashid Al Maktoum Business Award 2007, the Sheikh Khalifa Excellence Award, Dubai Quality Award, 'Best Bank in UAE' from Euromoney and Banker publications, 'Human Resources Development Award' from the Emirates Institute for Banking & Financial Studies, the 'Middle East e-Banking Country Award', the 'Outstanding use of IT in Financial Services Award, and excellence award for 'Best use of Technology' from Banker Middle East.
For Media enquires, please contact:
Ehab Khairi
Media & PR Manager
National Bank of Abu Dhabi
Tel: +97126111190
Mob: + 971508126799
Email: ehab.hassan@nbad.com
Web: www.nbad.com
© Press Release 2008
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