NBAD arranges AED450m Al Farida loan

UAE-based conglomerate Al Farida Investments Company announced on Sunday that it has agreed an AED450 million (US$122.5m) syndicated term loan facility for corporate purposes and to finance its expansion plans.

The syndicated loan is a joint collaboration between National Bank of Abu Dhabi (NBAD), Abu Dhabi Investment Company (ADIC) and Union National Bank (UNB), each of which has committed AED150m.

NBAD is the arranger, coordinator, and facility and security agent of the transaction.

HE Sheikh Hamed bin Ahmed Al Hamed, managing director and CEO of Al Farida, said: "This agreement further demonstrates our commitment towards the growth of the tourism and retail sectors in Abu Dhabi in cooperation with leading companies and individuals who share our business values and integrity."

In October 2007, NBAD agreed to provide a loan of AED399m to Al Farida to part-finance Bridgeway, a mixed use project under development at Zayed Sports City in Abu Dhabi.

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