News

News

ADCB and the National Corporation for Tourism & Hotels

10 October 2011


Abu Dhabi, 10 October 2011: Under the patronage of H.E. Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Public Works, Chairman of the National Corporation of Tourism & Hotels ("NCTH"), Abu Dhabi Commercial Bank ("ADCB") and the National Corporation of Tourism & Hotels today held a signing ceremony at the NCTH headquarters to announce a new facility to finance the construction of a 5-star hotel named Hotel Le Bristol in Abu Dhabi.

H.E. Sheikh Hamdan bin Mubarak Al Nahyan said that this project constitutes a qualitative addition to the corporation and an important step towards the implementation of its strategy to be followed by several eminent projects in the near future.

"To ensure the highest quality of management and the best practices of the industry, one of the most prominent international companies in the field of the management of prestigious, luxurious and historical hotels was selected to manage Le Bristol hotel" concluded H.E. Sheikh Hamdan bin Mubarak Al Nahyan.

The new term loan agreement was signed by Ala'a Eraiqat, CEO and Board Member of ADCB and Mr. Mohamed Mounib, CEO of National Corporation of Tourism & Hotels, one of Abu Dhabi leading hospitality groups, who owns the prestigious Abu Dhabi Intercontinental, Danat Al Ain and Danat Jebel Dhana, alongside operating seven other 4-star and 5-star hotels in Abu Dhabi and Dubai.

Mr. Eissa Al Suwaidi, Chairman of ADCB said "ADCB is committed to supporting projects that help the development of the UAE's economy and the Abu Dhabi economic plan and 2030 vision. We look forward to the construction and development of the Hotel Le Bristol and the positive addition it will make to promoting and supporting Abu Dhabi's thriving tourism industry."

Commenting on the deal, Mr. Ala'a Eraiqat, CEO and Board Member of ADCB, said: "The National Corporation for Tourism & Hotels has been an existing client with ADCB since 2005 and we are very happy to be able to continue to support the Group in its growth and ambition for the UAE through this project."

Mr. Mohamed Mounib, CEO of National Corporation of Tourism & Hotels: "We are very pleased to announce this agreement with ADCB in implementation of the instructions of His Excellency, the Chairman Shiekh Hamdan bin Mubarak Al Nahyan, as this continues our growth and enables us to play an important role in the development of tourism sector in Abu Dhabi, together with our partners in the banking community, whereas the unique location of the proposed hotel helped a lot in the conclusion of this deal."

The property is to be built in Al Bateen Area Seafront in Abu Dhabi with construction is due to start in 2012.