NBAD and Line Investments sign Dhs510m loan to finance central fish market in Abu Dhabi

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The new central fish market, located at the heart of city will provide a world-class shopping destination to the residents of Abu Dhabi. It will have state-of-the-art market with more than 200 outlets apart from a shopping mall, a hypermarket, spacious food court, and sea-food restaurants in addition to a parking capacity of 3500 cars.

Line Investments and Property LLC, a division of the leading retail chain EMKE group, is the developer and operator of the new market.

Mr. Michael Tomalin, NBAD's chief executive said: 'This agreement comes to reflect that NBAD is well positioned to take advantage of the huge growth opportunities in Abu Dhabi and our firm commitment to play a significant part in the economic development of the UAE.'

'It also reflects NBAD's strong relationships and cooperation with leading local and regional companies such as Line Investments and Property LLC. We appreciate our business partners who are eager to strengthen the development of the UAE's services sector by launching this prestigious project,' he added.

Yousuff Ali M.A, Managing Director of Line Investments and Property, and EMKE Group said, 'The Central Fish Market, which will be built on land leased by 'Mubadala Development' with total built up area of 1.8M sq. ft., has been initiated on the directives of the President H.H. Sheikh Khalifa Bin Zayed Al Nahyan and General Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces.'

'This will be a unique project in the region. The quality standards of the new market will comply with ISO 14001, ISO 9001, OHSAS 18001, HACCP, Abu Dhabi Municipality HSE regulations and other world class quality, health, safety, environmental and waster management systems'.

'The market will have a common fish cleaning hall and an international standard fish-waste processing plant. All steps will be been taken to ensure a totally hygienic and odor-less market at international standard - which will be a unique one in Middle East,' he added.

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 market, which will provide its high- quality services to the residents of Abu Dhabi. NBAD continues its objectives to support the development of country for which the world-class markets are inevitable.'

'NBAD's outstanding loans for real estate sector increased to Dhs12.6bn in 2006 as compared to Dhs10.4bn in 2005. This comes to reflect 'The Number One Bank in the UAE' strive to be on pace with the development of the country and finance various sectors to strengthen diversification of UAE economy under the wise leadership of H.H. Sheikh Khalifa Bin Zayed Al Nahyan and General Sheikh Mohammed Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces,' he added.

'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. Saifee T. Rupawala, CEO, EMKE Group said: 'We are extremely pleased about the professional cooperation with 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.'

Officials attending the singing ceremony from NBAD include Mr. Michael H Tomalin, chief executive; Mr. Abdulla Bin Khalaf Al Otaiba, head of corporate banking group & deputy general manager of domestic banking department; Mr. Abdulla Al Sakeb - deputy head of corporate banking group; Mr. Khaled Hamdan - head of corporate banking dept. Abu Dhabi; Mr. Ashraf Mazahreh - deputy head of corporate banking dept, Abu Dhabi.

Line Investment and Property LLC was represented by Mr. Youssuff Ali M. A, Managing Director, Mr. Saifee T. Rupawala, CEO, Mr. Hashim N.M., Legal Advisor and other senior officials. 'Simmons and Simmons' is the legal counsel for the Bank.