Business | Banking
NBAD signs Dh704m loan deal with Das
National Bank of Abu Dhabi (NBAD) and Das Real Estate, a UAE-based property developer, on Sunday signed an agreement for a Dh704 million term loan facility to finance the Sea View Club Hotel and Apartments project in Palm Jumeirah.
- Staff Report
- Published: 23:39 June 8, 2008
Abu Dhabi: National Bank of Abu Dhabi (NBAD) and Das Real Estate, a UAE-based property developer, on Sunday signed an agreement for a Dh704 million term loan facility to finance the Sea View Club Hotel and Apartments project in Palm Jumeirah.
NBAD acted as arranger, lender, agent and security agent for the deal. The luxury hotel and apartment complex has 246 hotel suites and 92 luxury residences, all of which have a sea view and direct access to a private beach.
Akram Mark Yassin, senior general manager of NBAD's corporate and investment banking division, said: "This agreement is an added proof of our strong relationships with leading local and regional companies such as Das Real Estate."
NBAD's outstanding loans for the real estate sector increased to Dh22.16 billion by the end of 2007 compared with Dh12.6 billion in 2006.
Outstanding loans for the construction sector increased to Dh3.78 billion in 2007 compared with Dh2.47 billion in 2006.
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