ALDAR announces appointment of banks in US$2.1bn syndicated loan facility (UAE)

ALDAR Properties PJSC has announced the appointment of the banks involved in the forthcoming US $2.1 billion syndicated loan facility to fund its Al-Raha Beach Infrastructure project.

The facility will be divided into a conventional tranche and an Islamic tranche conforming to the principles of Islamic Sharia and will be scheduled to mature in 2011.

Morgan Stanley Bank International Limited, Abu Dhabi Commercial bank, Dubai Islamic Bank, National Bank of Abu Dhabi and First Gulf Bank are acting as Mandated Lead Arrangers for the facility.

Source: Property World Middle East

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