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NBAD refinances Galleria
Mubadala Real Estate & Infrastructure (MREI), a business unit of Mubadala Development Company PJSC, and Gulf Related have refinanced the debt of their signature joint project, The Galleria on Al Maryah Island.
The National Bank of Abu Dhabi has provided refinancing worth Dh248 which will help The Galleria to further strengthen its capital structure, reduce its borrowing cost and generate over 50 per cent in annual interest expense savings.
The loan refinancing was signed following the successful opening and full leasing of The Galleria mall in August. The debt facility, which represents 60 per cent of the total project cost of The Galleria over an eight-year term, was finalised on Tuesday at a signing ceremony between Mubadala, Gulf Related and NBAD.
NBAD best cash management services in ME
The National Bank of Abu Dhabi has been named the ‘Best Cash Management Services in the Middle East’ at the EMEA Finance Treasury Services Awards ceremony.
The EMEA Finance Annual Treasury Services Awards recognises the best treasury, cash management and FX services providers across Europe, Middle East and Africa region. NBAD’s achievement derives from its performance, strategy, innovative products and offerings in cash management. “This award reflects NBAD’s financial strength and its ability to deliver value,” said Frank Hamer, MD and head of global transaction banking at NBAD.
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