NBAD and Developers sign Dhs1.1bn loan

NBAD has underwritten the financing in full and anticipate inviting other interested banks to join the deal at later stage. Dalma Mall will provide a world-class shopping destination to the residents of Abu Dhabi and its suburbs.

The Mall will be located in the industrial city of Abu Dhabi (ICAD) along the main road between Abu Dhabi island and Mussaffah. The Developers has entered into a long term lease with (ICAD) to construct 210,000 sq. meters built-up area of mall. The mall has been designed to handle footfalls ranging from 45,000 to 55,000 each day.

It will provide best tenant mix including a wide range of premium and economy brands. Leading brands have already signed MOU to take space in the new mall. The construction is expected to be completed by March 2009 while the mall will open its doors to customers by April 2009.

Mr. Saif Ali Munakhas Al Shehhi, Senior General Manager of Domestic Banking Department said: "NBAD continues its objectives to support the development of country for which the world class shopping malls are inevitable part of the overall Abu Dhabi's vision and development."

Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy General Manager of Domestic Banking Department, NBAD said: "NBAD is proud to play a significant role in financing this world-class shopping mall, which will add a 210,000 sq .meters to retail spaces in Abu Dhabi."

"With the rapid growth in population and rising tourist numbers, large and modern malls will flourish as many experts expect. Building large shopping centers comes as part of UAE efforts to become a shopping and tourist destination and diversify the national economy" he added.

UAE ranks second globally after Hong Kong in recreational shopping, according to a survey released recently. The availability of shopping mall retail space in Abu Dhabi is expected to exceed 1.5 square meters in 2010 compared with about 526,700 square meters at the end of 2006.

"We are financing Dalma Mall as it will help in achieving this goal in addition to provide residents of Abu Dhabi and suburbs with best services. NBAD has been in lead front in partnership with distinguished companies to build the nation since its inception in 1968 and we remain committed to work together for similar viable projects" Al Otaiba concluded.

Mr. Hamad Jasim Darwish, Developers' Board Member, said: "We are extremely pleased about the professional cooperation with Corporate Banking Group of National Bank of Abu Dhabi (NBAD). The Corporate Banking Group has an exceptional deal flow, a strong track record and a long experience in project financing at the highest level in a number of major projects in the UAE and the region."

"The construction works of the mall have already started and is expected to be completed by March 2009. We are eager to provide residents of Abu Dhabi and its suburbs with the best services" he added.

The facility agreement was signed at NBAD headquarter in Abu Dhabi by Mr. Saif Ali Munakhas Al Shehhi, Senior General Manager of Domestic Banking Department and Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy General Manager of Domestic Banking Department on behalf of NBAD and Mr. Hamad Jasim Darwish, Board member, Mr. Ali Zaal Al Mansouri, Managing Director, on behalf of Developers LLC.