Emirates Bank and Nael Bin Harmal Investment Co LLC, part of the prominent Nael & Bin Harmal group of Al Ain , have signed an AED 300 million credit facility for financing a landmark Livestock market, Bawadi Mall and Hotel project in Al Ain. Total outlay on the project is estimated in the region of AED 635 million.
The project is a unique concept initiated by Nael group. The Bawadi Mall, Hotel, and Livestock Market will emerge as the nearest commercial destination to serve the fast growing affluent eastern side of Al Ain. The state of the art shopping mall will house leading brands across 260 stores. The mall will have a built up area of 120,000 sq. mt. with GLA of 80,000 sq. mt.
The Livestock market is expected to become operational before the year ends, whereas the Mall will be completed by the end 2008.
Abdul Wahed Al Sayyah, Assistant General Manager Corporate Banking at Emirates Bank, stated "This is a prestigious transaction for us, particularly as it reinforces our long standing relationship with Nael Group. We wish Nael Group success in all of their future endeavours".
Faisal Kabital, Head Corporate Banking Unit, Al Ain said "This project is unique for Al Ain. We are proud to be associated with this landmark development. We have a long standing association with the Nael Group and financing this project reflects our continued commitment to support the Group's businesses."
Nael Rashid Saif Al Shamsi, Chairman, Nael Group of Companies, expressed his thanks to Emirates Bank for their role in the project and said, "We value the commitment shown by Emirates Bank and welcome them as partners in Nael Group's growth."
Nael group is a diverse business group with interests in Civil contracting, Infrastructure (sewerage, water supply, irrigation systems etc) Contracting, General trading, Cement plant, Ready Mix and Allied Products, Manufacturing of plastic products, Medical Equipment, Fertilizer and Drilling of water wells.
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For further information please contact:
Mr. Ibrahim Sowaidan
Head of Corporate Communications
Emirates Bank Group
Tel: 04 2092916
Mobile: 050 6538937
© Press Release 2007
