Aldar Properties, the Abu Dhabi-based developer, has appointed several banks to provide a $2.1 bn (EUR 1.6 bn) syndicated loan facility to fund its major Al-Raha Beach Infrastructure project. Morgan Stanley Bank International, Abu Dhabi Commercial bank, Dubai Islamic Bank, the National Bank of Abu Dhabi and First Gulf Bank are acting as mandated lead arrangers. The facility will be divided into a conventional tranche and an Islamic tranche conforming to the principles of Islamic Shariah Law, and will be scheduled to mature in 2011, Aldar said in a statement.
Aldar Properties, the Abu Dhabi-based developer, has appointed several banks to provide a $2.1 bn (EUR 1.6 bn) syndicated loan facility to fund its major Al-Raha Beach Infrastructure project. Morgan Stanley Bank International, Abu Dhabi Commercial bank, Dubai Islamic Bank, the National Bank of Abu Dhabi and First Gulf Bank are acting as mandated lead arrangers. The facility will be divided into a conventional tranche and an Islamic tranche conforming to the principles of Islamic Shariah Law, and will be scheduled to mature in 2011, Aldar said in a statement.
Al Raha Beach Development will provide accommodation for 12,000 people, as well as commercial, cultural, entertainment and public facilities on 5.2 million m2 of natural beach front leading into Abu Dhabi from Dubai. The development consists of eight precincts, each with their own distinct personalities and appeal, Aldar said.
