nbad & al farida investments sign aed 399m loan
National Bank of Abu Dhabi (NBAD), The Number One Bank in the UAE, and Al Farida Investments Company LLC, a leading conglomerate, have signed TODAY an agreement for a building loan facility of AED 399 million to part finance “Bridgeway” mixed used development project 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 acts as Arranger, Lender, Agent and Security Agent.
The project will consist of a five-star hotel property featuring 290 guest rooms and suites as well as 145 serviced apartments in addition to residential and retail components. The overall arrangement of buildings’ design allows the hotel building, on the Airport Road, to gain maximum visibility and exposure while the residential building, on the opposite southern edge is adjacent to parks of Zayed Sports City and Al Bateen Airport. A breath-taking 10000 square meters shopping center with prime retail and catering outlets separate the two fully-glassed towers.
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 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’s tourism sector by launching this prestigious project” he added.
HE Sheikh Hamed Bin Ahmed Al Hamed, managing director and chief executive officer of Al Farida Investments Company said: “we appreciate our strong relationship with NBAD and particularly in their support of this groundbreaking project. Al Farida is a well recognised name in hospitality, retail, and tourism development with many successful establishments in our portfolio within the UAE”.
“The Bridgway financing agreement further demonstrate NBAD and Al Farida’s commitment towards the growth of tourism sector in Abu Dhabi” he added.
Saif Al Shehhi, senior general manager, domestic banking division said: “We are pleased to be associated with Al Farida Investments LLC in this prestigious project which caters to the high demand for new hotel rooms, residential and retail spaces in Abu Dhabi”. “NBAD is proud to play a significant role in financing this project, which will add 290 guest rooms and suits as well as 145 serviced apartments to the hotels’ capacity in Abu Dhabi”.
With the rising tourist numbers, which expected to reach 3 million tourists by 2015, concerned authorities in Abu Dhabi plans to create 17,000 hotel rooms to raise the total to 25,000 rooms.
“We are financing Al Farida’s project as it will help in achieving this goal in addition to providing residents of Abu Dhabi with high quality services”. “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” Al Shehhi concluded.
