National Bank of Abu Dhabi (NBAD) and Das Real Estate, a UAE-based developer, have signed an agreement for a term loan facility of Dh708 million to finance the Sea View Club Hotel & Apartments Complex Project located on The Palm Jumeirah.
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, tranquillity, 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 Akram Mark Yassin, senior general manager of NBAD's corporate and 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 an inevitable part," he said.
Mussabeh Salem Al Muhairi, Chairman of Das Real Estate, said: "We are keen on selecting only the best in class partners for our projects. We are proud to be co-operating with NBAD, a highly reputable bank with strong track record."
"We are extremely pleased with the professional approach of the 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 said. NBAD's outstanding loans for the real estate sector increased to Dh22.16 billion by the end of 2007 compared to Dh12.6bn in 2006 while outstanding loans for the construction sector increased to Dh3.78bn in 2007 compared to Dh2.47bn in 2006.
The signing ceremony was attended by Akram Mark Yassin, senior general manager of NBAD's corporate and investment banking division; Saif A Al Shehhi, senior general manager of the domestic banking division; Abdulla bin Khalaf Al Otaiba, head of the corporate banking group and deputy general manager of the domestic banking department; and Abdulla Al Sakeb, deputy head of the corporate banking group. Simmons & Simmons and Clifford Chance were the legal counsel for the bank and borrower respectively. (Wam)