Abu Dhabi National Hotels secures loan to acquire Dubai-based properties
First Abu Dhabi Bank and Abu Dhabi National Hotels (ADNH) have signed an AED 1.6bn loan facility agreement, which will provide ADNH with the financing capability to acquire Dubai-based hotels. The agreement was signed by Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, Vice Chairman, ADNH and André Sayegh, Deputy Group CEO and Group Head of Corporate & Investment Banking, FAB.
Sheikh Ahmed Mohammed Sultan Suroor Al Dhaheri, Vice Chairman, ADNH, 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.”
André Sayegh, Deputy Group CEO and Group Head of Corporate & Investment Banking, FAB, said: “Supporting the Abu Dhabi Vision 2030 and contributing to growth throughout the UAE are key pillars of FAB’s lending model. This agreement supports this mandate and highlights our reputation as the bank of choice for large corporates in the UAE and beyond. We are delighted to have concluded this loan facility with ADNH (being a prime UAE Corporate Institution) and to support the development of the hospitality sector.”