NBAD & Das Real Estate sign Dhs708m loan

NBAD acted as Arranger, Lender, Agent and Security Agent.

The super luxury hotel and apartment complex has been envisioned for individuals looking for well being, tranquility, luxury, privacy and attention to detail.

With the Feng Shui design, the project contains 246 hotel suites and 92 luxury residences, all of which have a sea view and direct access to a private beach, making every day a holiday living.

"This agreement is an added proof of our strong relationships with leading local and regional companies such as Das Real Estate. We appreciate our business partners who are eager to strengthen the development of the UAE's real estate and tourism sectors by launching this prestigious project" said Mr. Akram Mark Yassin, Senior General Manager of NBAD's Corporate & Investment Banking Division.

"Since its inception in 1968, NBAD remains committed to work with its distinguished business partners to underpin the development of the nation and finance various sectors to strengthen diversification of UAE economy. NBAD will continue to support the development of the country for which world-class hotels are inevitable part" he added.

"We are keen on selecting only the best in class partners for our projects. We are proud to be cooperating with NBAD, a highly reputable bank with strong track record" said Mr. Mussabeh Salem Al Muhairi, the Chairman of Das Real Estate.

"We are extremely pleased with the professional approach of Corporate Banking Group of National Bank of Abu Dhabi while handling this deal which reflects their strong track record and long experience in project financing of this nature" he added.

"We are delighted to be associated with Das Real Estate in this prestigious project which is being developed at highest standards and comprising of residential and hotel apartments and a five-star hotel" Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group & Deputy General Manager of Domestic Banking Department, NBAD said.

"NBAD is financing this project, which will add 246 hotel suites and 92 luxury residences to the hotels capacity in the country, as it caters to the high demand for new hotel rooms and residential units in the UAE" he explained.

"NBAD's outstanding loans for the real estate sector increased to Dhs22.16bn by the end of 2007 compared to Dhs12.6bn in 2006 while outstanding loans for the construction sector increased to Dhs3.78bn in 2007 compared to Dhs2.47bn in 2006.

This shows "The Number One Bank in the UAE" strives to keep pace with the development of the UAE and play a major role in building the country" Al Otaiba concluded.

Officials attending the signing ceremony at NBAD main office in Abu Dhabi from NBAD were Mr. Mr. Akram Mark Yassin, Senior General Manager of NBAD's Corporate & Investment Banking Division; Mr. Saif A Al Shehhi, Senior General Manager of Domestic Banking Division; Mr. Abdulla Bin Khalaf Al Otaiba, Head of Corporate Banking Group-UAE & Deputy General Manager of Domestic Banking Department; Mr. Abdulla Al Sakeb, Deputy Head of Corporate Banking Group-UAE.

Simmons & Simmons and Clifford Chance were the legal counsel for the Bank and Borrower respectively.