Abu Dhabi: Abu Dhabi-based Aabar Investments said Sunday it has entered into a $800 million (Dh2.9 billion) club loan agreement with a number of international and local lenders.
"The loan has a three-year term and will be used for general corporate purposes," Aabar told the Abu Dhabi Securities Exchange (ADX), where its shares are listed. It didn't name the lenders.
Aabar's shares fell 0.97 per cent to Dh2.02 yesterday in line with broader market sentiments that were negative on bearish global and region market trends.
Aabar's Chief Executive Officer Mohammad Badawy Al Hussainy was unavailable for comment when contacted by Gulf News on his mobile telephone.
Aabar directly invests in various sectors including energy, infrastructure, real estate, automotive and financial services companies. Its largest stakeholder is International Petroleum Investment Company (IPIC), which is wholly owned by the government of the emirate of Abu Dhabi.
Aabar previously reported a Dh1.58 billion fiscal first quarter net profit, erasing a Dh1.045 billion net loss for the same period in 2009.
Aabar's achievements in 2010 include the establishment of its real estate subsidiary, Aabar Properties LLC. The company also announced several investments, many of which reflect its strategy to bring technological know-how to Abu Dhabi through its investments and partnerships with international companies. In the aviation sector, Aabar announced its partnership with US company Xojet. Aabar also announced its joint venture agreement with German tunnel-boring and drilling company Herrenknecht AG.
