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Aldar, Abu Dhabi's leading property development, investment and management company, announced that it has signed an AED 4 billion revolving credit facility with National Bank of Abu Dhabi (NBAD). The facility, which has a tenor of three years and remained undrawn at signing, will be used for general purposes in support of Aldar's normal course of business activities and will allow the Company to optimally manage its working capital and liquidity requirements over the next three years.
Greg Fewer, Chief Financial Officer of Aldar, said "The signing of this new revolving credit facility further demonstrates Aldar's strong financial position and our continuing smooth access to financing markets in support of our standalone business plan. Our financial profile is strong as a result of the comprehensive restructuring undertaken in 2011 and we are delighted to see this recognised by the market as we implement our financing strategy." Abdulla Bin Khalaf Al Otaiba, General Manager Corporate and Investment Banking Group '&' D-SGM Corporate '&' Investment Banking Division, NBAD added "We are pleased to provide Aldar with this revolving credit facility to support the medium and long term objectives of the business. Aldar is a long term partner of NBAD and this significant facility is a reflection of our confidence in Aldar's business and is consistent with our own strategy to support Abu Dhabi's growth and ongoing development efforts."
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