The finance is to be used to fund a series of major development projects within the UAE capital which are currently being master planned by TDIC, the name behind the flagship transformation of Abu Dhabi's Saadiyat Island into an international tourism destination.
"This is a solid demonstration of the private sector's increasing commitment to the future of Abu Dhabi and to TDIC in delivering the required infrastructure to meet the emirate's international tourism ambitions in line with the government directions" said His Highness Sheikh Sultan Bin Tahnoon Al Nahyan, Chairman, of the Abu Dhabi Tourism Authority and TDIC.
"This is the start of what we hope and believe will be a long and extremely fruitful partnership going forward with the UAE's largest bank and two prominent international banks."
Operating along strictly commercial lines, TDIC is currently progressing around 15 projects, some in partnership with private investors, which will see up to 4,000 hotel rooms added to Abu Dhabi's hospitality portfolio within the next three years. TDIC has aggressive plans to build the emirate and in the process will be tapping various financial markets and use innovative financial products to support its growth plans.
"TDIC and its work in significantly developing Abu Dhabi's global tourism offering is a major step forward in the emirate's economic diversification strategy and one which the local and international banking community is keen to support," said Michael H Tomalin, CEO, NBAD.
"We will look to further strengthen our relationship as TDIC expands its footprint emirate-wide."
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TDIC signs AED 500 million credit facility with banking consortium
- United Arab Emirates: Tuesday, January 23 - 2007 at 12:00
- PRESS RELEASE
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Tourism Development & Investment Company (TDIC), the Abu Dhabi headquartered infrastructure development group, has signed its maiden credit facility with a banking syndicate comprising the UAE number one bank National Bank of Abu Dhabi (NBAD), Standard Chartered Bank and HSBC.
HH Sheikh Sultan signs the agreement with Tomalin of NBAD, Mohamed A Al Mulla , CEO of HSBC of HSBC and Mr. John G. Iossifidis, MD - Client Relationship of Standard Chartered Bank.
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Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, January 23 - 2007 at 12:00 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Tue Apr 29 2008.
Notes and Media Contacts »
About Tourism Development & Investment Company:
Tourism Development & Investment Company (TDIC) is a public joint stock company established under Law No: 12 of 2005 as decreed by the Abu Dhabi Ruler and UAE President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan. TDIC is an independent organisation empowered to manage the tourism investment zones of the Abu Dhabi Tourism Authority (ADTA), which directs and implements strategy for the expansion of the emirate's tourism sector. TDIC will develop real estate assets that support ADTA's mission of assisting UAE economic diversification through tourism development.
TDIC shareholding, fully owned by ADTA, operates along strictly commercial lines with its projects being self-sustaining and economically feasible. Its activities include creating development and tourism related concepts for specific sites and locations, disposing of, or repositioning, government-owned tourism related assets, entering into joint ventures with investment partners for assets such as hotels or residential products, as well as serving as the master developer for large scale projects.
For further information:
Bassem Terkawi. PR & Events Manager
TDIC
Tel: +9712 4443000;
fax: +9712 4443111.
For further information: Barbara Saunders, MCS/Action.
Tel: +9714 390 2960
fax: +9714 390 8161
Tourism Development & Investment Company (TDIC) is a public joint stock company established under Law No: 12 of 2005 as decreed by the Abu Dhabi Ruler and UAE President, His Highness Sheikh Khalifa Bin Zayed Al Nahyan. TDIC is an independent organisation empowered to manage the tourism investment zones of the Abu Dhabi Tourism Authority (ADTA), which directs and implements strategy for the expansion of the emirate's tourism sector. TDIC will develop real estate assets that support ADTA's mission of assisting UAE economic diversification through tourism development.
TDIC shareholding, fully owned by ADTA, operates along strictly commercial lines with its projects being self-sustaining and economically feasible. Its activities include creating development and tourism related concepts for specific sites and locations, disposing of, or repositioning, government-owned tourism related assets, entering into joint ventures with investment partners for assets such as hotels or residential products, as well as serving as the master developer for large scale projects.
For further information:
Bassem Terkawi. PR & Events Manager
TDIC
Tel: +9712 4443000;
fax: +9712 4443111.
For further information: Barbara Saunders, MCS/Action.
Tel: +9714 390 2960
fax: +9714 390 8161
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