Friday, September 21, 2007

DWTC signs Dh.800m loan facility with NBD to fund DWTC developments

Dubai World Trade Center
The Dubai World Trade Center (DWTC) and the National Bank of Dubai (NBD) has entered into a Dh.800 million short-term loan facility to fund the development plans of DWTC.

This deal will help in financing major real estate projects of DWTC, namely the Dubai Exhibition City and the Dubai Trade Center District, which are being constructed parallely.

The Dubai Trade Center District, located at the heart of Dubai, is a mixed-use development, intended to bring about a new business zone. The Phase one of the project, which is still under construction, will cover 2.3million square feet of grade one office space, along with executive serviced apartments, and various three, four and five star hotels, and a range of retails and dining options.

Another mega project of DWTC, the Dubai Exhibition City will be the first ever integrated event city, which will stand up to the exact requirements of exhibitors, visitors, organizers and delegates from across the globe.

Located adjacent to the Jebel Ali Airport, and spread across a seven square kilometer site, it is in line with the Dubai Strategy 2015 and ensures that Dubai is the world's leading conference and exhibition destination.

The NBD's Statement revealed that the NBD Offset Home Loans, a mortgage loan associated with high interest yielding current account, represents a milestone achievement in product innovation, and sets new standards in customer benefits apart from the leading features of the successful NBD Home Loans product.

The mortgage balance will be offset by the credit balance in the current account, which is one of the major features of the loans, saving the customer interest and facilitating faster loan repayment without being subjected to early repayment charges.

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