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Credit boosts Abu Dhabi tourism

Tourism Development & Investment Company (TDIC), the Abu Dhabi headquartered infrastructure development group, has signed its maiden credit facility with a banking syndicate which comprises the National Bank of Abu Dhabi (NBAD), Standard Chartered Bank and HSBC.

The finance is to be used to fund a series of major development projects within the UAE capital which are currently being planned by TDIC, the company behind the transformation of Abu Dhabi's Saadiyat Island into an international tourism destination.
"This is a solid demonstration of the private sector's increasing commitment to the future of Abu Dhabi and to TDIC in delivering the required infrastructure to meet the emirate's international tourism ambitions in line with the government directions," said His Highness Sheikh Sultan Bin Tahnoon Al Nahyan, chairman of the Abu Dhabi Tourism Authority and TDIC.

"This is the start of what we hope and believe will be a long and extremely fruitful partnership going forward with the UAE's largest bank and two prominent international banks."

Operating along strictly commercial lines, TDIC is currently developing around 15 projects, some in partnership with private investors, which will see up to 4,000 hotel rooms added to Abu Dhabi's hospitality portfolio within the next three years.

TDIC has aggressive plans to build the emirate and in the process will be tapping various financial markets and use innovative financial products to support its growth plans.

"TDIC and its work in significantly developing Abu Dhabi's global tourism offering is a major step forward in the emirate's economic diversification strategy and one which the local and international banking community is keen to support," said Michael Tomalin, CEO of NBAD.

"We will look to further strengthen our relationship as TDIC expands its footprint emirate-wide."

TDIC is an independent organisation empowered to manage the tourism investment zones of the Abu Dhabi Tourism Authority, which directs and implements strategy for the expansion of the emirate's tourism sector.

It operates along strictly commercial lines, with its projects being self-sustaining and economically feasible.

Present at the signing were HH Sheikh Sultan, Michael Tomalin, CEO of NBAD, Mohamed Al Mulla, CEO of HSBC Middle East, and John Iossifidis, managing director, client relationship, Standard Chartered Bank.

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