Sunday, June 10, 2007

Aldar to be provided with $2.1b syndicated funds

The Morgan Stanley Bank has launched syndication of separate conventional secured term loan and the Dubai Islamic Bank (DIB) has launched the Islamic Ijara facilities totaling $2.1billion for the Abu Dhabi based real estate developer, Aldar Properties.

These facilities will be used for financing the infrastructure of the Al Raha Beach, located along the Abu Dhabi beachfront, which is a mixed-use retail, office and residential development, constructed by Aldar.

The lead arrangers who have underwritten the facilities include the Morgan Stanley, the Dubai Islamic Bank, Abu Dhabi Commercial Bank, First Gulf Bank and National Bank of Abu Dhabi.

The Aldar development comprises construction and office management, retail sites, residential properties, leisure facilities, luxury schools and resorts, and other tourist attractions.

This development of Aldar is expected to house more than 120,000 residents, which is located away from the main highway between Dubai and Abu Dhabi and links to Al Raha Gardens, Khalifa City and the Abu Dhabi International Airport.

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