Dubai- 21 January, 2008: The Emirates Financial Towers (EFT) has signed an agreement with Emirates Bank, an Emirates NBD company, to provide AED 285 million worth of Credit facilities, to finance the construction of its venture based in the Dubai International Financial Centre (DIFC).

The signing ceremony was attended by Dr. Hani Abu Auida, Chief Executive Officer of EFT who signed the agreement with Mr. Majid Al Yousuf, Head of Corporate Banking at Emirates Bank.

The Emirates Financial Towers is a twin tower development consisting of 26 floors of Grade-A office space, retail offices, and residential units, with building costs reaching around AED 600 million.

This move comes in line with the EFT's enthusiasm to provide the most appropriate means to guarantee the uninterrupted progress in the construction of the widely anticipated project, in order to meet its deadline. For this end, EFT has signed a series of agreements for the main contracting, equipment, maintenance, the providing of mortgage services to clients, and project management.

Commenting on the new pact, Dr. Hani Abu Auida, Chief Executive Officer of EFT said: "Our strategic quality partnership with Emirates Bank will pave the way for long term relations as well as helping to implement our mutual vision in the development of these innovative and spectacular towers. We had chosen Emirates bank due to their outstanding banking and financial services they offer.

"Emirates Bank's involvement is evidence of the absolute confidence major financial institutions have in our leading project", he added

Mr. Majid Al Yousuf, Head of Corporate Banking at Emirates Bank, said: "We are confident that the facilities provided by Emirates Bank will bear good fruit as we will, God Willing, enjoy the visual magic of these two eye catching towers situated in a prime location within Dubai's future financial center".

-Ends-

About EFT:
EFT was designed on the classiest standards ever to be a multi use project. It offers wide spaces of first class offices in outstanding modern designs. Coalescing premier commercial and residential space, the architects of the stylish Emirates Financial Towers have presented a unique design that features a distinctive elliptical profile with an embedded transparent Sky Bridge. EFT is a unique mix between residential and commercial spaces designed in a highly modern way to reveal the beauty of the towers.

About Emirates NBD
Emirates NBD (DFM: ENBD) is the biggest banking group in the GCC by assets and the biggest banking group in the UAE by market capitalization.   The Group has a leading retail banking franchise in the UAE, with over 100 branches and over 480 ATMs.  It is a major player in the UAE corporate banking arena, with a combined market share of almost a fifth of corporate loans.  It also has strong Islamic banking, investment banking, private banking, asset management and brokerage operations. 

The Group has operations in the UAE, the Kingdom of Saudi Arabia, Qatar, the United Kingdom and Jersey (Channel Islands), and representative offices in India, Iran and Singapore. 

For further information, please contact:
Serine Srouji
SAHARA- PR Department
Tel: 03298996 4
Fax: 04 3298995
Email: serin@saharagcc.com 

For further information, please contact
Corporate Communications & Community Relations:
Mr. Ibrahim Sowaidan
04-2092916
Email: ibrahims@emiratesbank.com

© Press Release 2008