Abu Dhabi National Hotels (ADNH) and First Abu Dhabi Bank (FAB) have signed an AED1.6bn loan facility agreement.
The agreement, which will provide ADNH with the financing capability to acquire several Dubai-based hotels, 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, vice chairman of 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 at 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 and to support the development of the hospitality sector.”
