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News Article

15 November 2006

Landmark real-estate development, ADCB Finance the unique prestigious Etihad Towers in Abu Dhabi

Abu Dhabi 15th Nov.2006: The Abu Dhabi Commercial Bank has signed today a strategic finance agreement with HH Shaikh Suroor Bin Mohammad Al Nahyan to finance one of the most prestigious projects going up in Abu Dhabi.

This agreement covers a term loan facility of AED 2.4 Billion for 15 years, which finances the construction of the prestigious Etihad Towers comprised of five iconic towers for different use.

Mr. Eirvin Knox, CEO of ADCB, said: Our partnership with HH Shaikh Suroor Bin Mohammad Al Nahyan will create tremendous synergies with ADCB's strong corporate relationships.

This new project financing arrangement represents a continuation of our long standing and strategic relationship and to take advantage of the growth in the regional real estate sector. Knox Added

The Etihad towers are located at the end of Abu Dhabi Corniche opposite to Emirates Palace Hotel. Every condominium offers stunning views of the sea on both angles. The property comes equipped with an array of amenities such as hotel, office space, serviced and residential apartments, retail outlets, Hypermarket, and other facilities. The project is unique in its size, scope and architectural design.

This financing arrangement further demonstrates ADCBs commitment to the development of the local economy.

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