Dhs450m syndicated loan for 'Al Farida Investments'

The syndicated loan is a joint collaboration among National Bank of Abu Dhabi (NBAD), Abu Dhabi Investment Company (ADIC) and Union National Bank (UNB), with a commitment of Dhs150m each, with NBAD being the arranger, coordinator and facility and security agent of this transaction.

"We appreciate our strong relationship with NBAD, ADIC and UNB, and particularly in their support of our investment initiatives and projects" said H.E. Sheikh Hamed Bin Ahmed Al Hamed, Managing Director and Chief Executive Officer of Al Farida Investments Company, after signing the loan agreement in the company's headquarter with representatives of NBAD, UNB, and ADIC.

"This agreement further demonstrates our commitment towards the growth of the tourism and retail sectors in Abu Dhabi in cooperation with leading companies and individuals who share our business values and integrity" he added.

"This agreement comes to reflect the fact 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" said Mr. Akram Mark Yassin, Senior General Manager of NBAD's Corporate & Investment Banking Division.

"It also reflects NBAD strong relationships and cooperation with leading local and regional companies such as Al Farida Investments LLC. We appreciate our business partners who are eager to strengthen the development of the UAE" he added.

"Since its inception in 1968, NBAD remains committed to underpin the development of the nation and finance various sectors to strengthen diversification of UAE economy in cooperation with its distinguished business partners" said Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy Senior General Manager of NBAD's Domestic Banking Division.

"Al Farida Investments LLC and NBAD share business values and positive outlook for economic development of the UAE. Last October, we inked a loan facility of Dhs399m to part finance "Bridgeway", the mixed used project developed by AFIC at Zayed Sports City in Abu Dhabi, which will be one of the city's landmarks when opened in the last quarter of 2009. NBAD is proud to play a significant role in financing Al Farida's projects and expansions plans as they help in providing residents of the UAE with high quality services" Al Otaiba concluded.

"Over the period of three decades, Abu Dhabi Investment Company (ADIC) has eagerly executed a major role in the loan market helping to endorse and foster economic growth and activity in the UAE, hence the region," said Mr. Abdul Rahman Omar Abdullah, Acting CEO of ADIC.

"With a successful record of accomplishment, ADIC arranges, underwrites and leads managing and participates in a large number of high profile transactions across the region, highlighting its active role in the syndicated loan market," he added.

"UNB has always been at the forefront in supporting various sectors of the UAE economy. By signing this agreement with Al Farida, we are affirming our support to the company in this important phase of its growth, considering it another chapter in our successful relationship with the company and the group" Said Mr. Mahmoud Halawa, Head of Corporate Banking in Union National Bank.