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Monday, 22 March 2010 17:49 UAE time

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Aldar seeks $2.1b beach project loan

by Reuters on Monday, 21 May 2007

Abu Dhabi-based Aldar Properties, the second-largest UAE developer by market value, said on Sunday it was seeking a $2.1 billion syndicated loan to finance its Al Raha Beach project.

Morgan Stanley and four UAE lenders, including National Bank of Abu Dhabi and Dubai Islamic Bank, are lead arrangers for the loan, Aldar said in a statement.
Abu Dhabi Commercial Bank and First Gulf Bank are also participating in the loan, which will be divided into conventional and Islamic tranches and will mature in 2011, it said.

The loan comes after Aldar raised $2.53 billion in the world's third-biggest Islamic bond this year to finance planned projects worth $50 billion in Abu Dhabi over the next five to 10 years.

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The company will also spend at least $1 billion on acquisitions in markets which could include Western Europe, Hong Kong and Singapore to balance shareholder risk, Chief Executive Ronald Barrott told Reuters in March.

The $4.5 billion Al Raha Beach development, located near Abu Dhabi International Airport, will be residential and commercial.

Shares of Aldar gained 1.87 % on Sunday, and are up more than 60 % this year, with most of the gains made after the firm opened its shares up to ownership by non-UAE nationals in February.

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