Business | Property

MBI signs loan with two banks for realty venture

Mubarak and Brother Property and Financial Investments (MBI) on Saturday announced it has signed a Dh360 million term loan facility with EmiratesNBD and National Bank of Abu Dhabi, to fund the development of one of its mixed-use projects in Abu Dhabi.

  • Staff Report
  • Published: 00:01 March 16, 2008
  • Gulf News

Dubai: Mubarak and Brother Property and Financial Investments (MBI) on Saturday announced it has signed a Dh360 million term loan facility with EmiratesNBD and National Bank of Abu Dhabi, to fund the development of one of its mixed-use projects in Abu Dhabi.

The facility was signed by Saeed Abdul Jaleel Al Fahim, chairman of MBI, and senior officials from both banks. "MBI is a firm that specialises in properties and financial investments, which are in line with the growth and development plans of the UAE. We are committed to developing and augmenting various enterprises and we seek successful partnerships that will leverage the UAE's strategic location and our group's industry specific experience," said Al Fahim.

Currently, MBI's investment portfolio covers education, manufacturing, industrial as well as real estate sectors, including office towers, residential buildings and shopping malls. "The transaction underscores Emirates NBD's commitment and partnership in developing infrastructure for Abu Dhabi and the UAE.

"We are confident the deal will lead to future partnerships between the banks and MBI, which has a promising strategic investment plan, reflecting long-term vision," Abdul Wahid Al Fahim, general manager, wholesale banking, EmiratesNBD said.

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