Mubarak and Brother Property and Financial Investments (MBI) today announced it has signed an AED360 million term loan facility jointly with EmiratesNBD and National Bank of Abu Dhabi, to fund the development of one of its mixed-use projects in the emirate of Abu Dhabi. The facility was signed by His Excellency Saeed Abdul Jaleel Al Fahim, Chairman of MBI, and senior officials from both banks.
His Excellency Saeed Al Fahim said: “MBI is a firm that specializes in properties and financial investments, which are in line with the growth and development plans of the UAE. We are committed to developing and augmenting various enterprises and we seek successful partnerships that will leverage the UAE’s strategic location and our Group’s industry specific experience.”
“MBI is keen to partner with ambitious management teams like EmiratesNBD and NBAD, which are highly ethical and outcome-driven. Currently, MBI’s investment portfolio covers education, manufacturing, industrial as well as real estate sectors, including office towers, residential buildings and shopping malls. All these developments are currently under construction and on schedule. A few of our initiatives will be unveiled by end 2008.”
Abdul Wahid Al Fahim, General Manager, Wholesale Banking, EmiratesNBD said: “We are pleased to provide this term loan facility in support of the company’s growth ambitions. The transaction underscores Emirates NBD’s commitment and partnership in developing infrastructure for Abu Dhabi and the UAE. We are confident the deal will lead to future partnerships between the banks and MBI, which has a promising strategic investment plan, reflecting long-term vision.”
Abdulla Ghobash, Regional Manager – Northern Emirates, NBAD added, “NBAD is pleased to be associated with MBI in this transaction and in future deals. We are indeed proud for taking part in financing this world class development which reflects NBAD’s commitment to continue playing a significant role in the growth and development of Abu Dhabi and the UAE”.
Founded in 2003, MBI will primarily develop regional destination malls, leisure and entertainment facilities as well as hospitality projects across the region.
