08 October 2007
Dubai: Emirates Bank and Nael Bin Harmal Investment, part of the prominent Nael and Bin Harmal Group of Al Ain, have signed a Dh300 million credit facility for financing a project comprising a livestock market, Bawadi mall and a hotel in Al Ain.
The total outlay for the project is an estimated Dh635 million. The project is a concept initiated by the Nael Group. The mall, hotel and livestock market is expected to serve the fast growing affluent, eastern side of Al Ain. The mall will house leading brands in 260 stores. It will have a built-up area of 120,000 square metres.
The livestock market is expected to become operational this year and the mall will be completed by the end of 2008.
Abdul Wahed Al Sayyah, assistant general manager of corporate banking at Emirates Bank, said: "This is a prestigious transaction for us, particularly as it reinforces our longstanding relationship with the Nael Group."
Faisal Kabital, head of the corporate banking unit, Al Ain, said: "This project is unique for Al Ain. We have a longstanding association with the Nael Group."
Nael Rashid Saif Al Shamsi, chairman of the Nael Group, said, "We value the commitment shown by Emirates Bank and welcome them as partners in Nael Group's growth."
Nael Group's interests include civil contracting.
By Staff Reporter
Gulf News 2007. All rights reserved.
