aldar properties announces appointment of banks for a US$2.1 billion syndicated loan facility

Enlarge Image

RELATED ARTICLES

• Aldar Properties announce financial results for half year
• Aldar Properties in new deal
• Abu Dhabi medical project completed ahead of time by Aldar Properties

ALDAR Properties PJSC has announced the appointment of the banks involved in the forthcoming US$2.1 billion syndicated loan facility to fund its Al-Raha Beach Infrastructure project.

The facility will be divided into a conventional tranche and an Islamic tranche conforming to the principles of Islamic Sharia and will be scheduled to mature in 2011.

Morgan Stanley Bank International Limited, Abu Dhabi Commercial bank, Dubai Islamic Bank, National Bank of Abu Dhabi and First Gulf Bank are acting as Mandated Lead Arrangers for the facility.

Aldar is the leading property development company in terms of its development projects and size of the land bank in Abu Dhabi. Aldar's developments include the construction and management of offices, residential properties, retail sites, hotels, tourist attractions, leisure facilities, luxury resorts and schools. Aldar's involvement in the property development process ranges from sourcing land, carrying out feasibility studies, developing a master development plan, the development of land, leasing and sales, holding completed developments as investment properties, asset management and facility management.

Aldar was incorporated as a public joint stock company on 23 February 2005 and was listed on the Abu Dhabi Securities Market (ADSM) on 4 April 2005 following an initial public offering. 

© 2007 Al Bawaba (www.albawaba.com)