Sunday , July 21 2019

Abu Dhabi National Hotels, FAB close $440mn loan pact

Abu Dhabi / emirates business

Abu Dhabi National Hotels (ADNH) and First Abu Dhabi Bank (FAB) have signed an AED1.6 billion ($440 million) loan facility agreement. The agreement will provide ADNH with the financing capability to acquire a number of Dubai-based hotels.
The agreement was signed by Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, Vice Chairman of ADNH and André Sayegh, Deputy Group CEO and Group Head of Corporate & Investment Banking at FAB.
Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri said: “This landmark agreement reflects our ambition to ensure sustainable growth through strategic acquisitions in our core markets. Our continued expansion across the UAE allows us to contribute to economic prosperity throughout the country, which is an important aspect of the Abu Dhabi Vision 2030.”

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