By Elsa Baxter
AED1.5bn loan facility will finance the company's ongoing projects.
Abu Dhabi National Hotels (ADNH) announced on Thursday it has agreed a deal with four major lenders to provide a AED1.5bn loan facility.
The facility is the first syndicated borrowing of ADNH, the official news agency WAM reports.
The four banks are; National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, Standard Chartered Bank and Union National Bank.
The facility will finance the company’s ongoing projects, the report said.
This alliance of local and international banks brings in line the strategic plans of ADNH to support the growth of Abu Dhabi’s economy and tourism infrastructure, Saif Al Hajeri, chairman of ADNH, said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.