Al Hilal Bank inks $68m deal with society
Abu Dhabi, December 24, 2012
Abu Dhabi government owned Al Hilal Bank recently signed a Dh250 million ($68 million) banking facilities agreement with Al Dhafra Co-operative Society (ADCS), which offers retail and wholesale services in the western region of Abu Dhabi.
Al Hilal Bank will offer facilities with a value of Dh150 million to finance the purchase of machinery, equipments and cars, while the bank will also provide bank guarantees of Dh100 million, said Saif Mohammed Al Hamli, CEO of ADCS.
Al Hamli lauded the significant efforts undertaken by members of ADCS’s board to develop the activities of the society to reaffirm its leadership position in the field of social and economic work to serve the people in the western region.
This is based on its vision and mission to promote joint work, social integration, provide modern services and support development projects, he added.
This will also lead to the development of vital sectors such as retail, real estate, oil field services, car rental, and transportation, while also contributing to the protection of the environment and conserving its resources, and raising the level of safety in accordance with the highest standards of quality, efficiency and excellence, he said.
“The banking facilities agreement signed with ADCS comes in line with our efforts to support the needs of the cooperative society and to fund its working capital and support its future investments,” said Al Hamli.
Sari A Arar, EVP – head of Wholesale Banking Group, Al Hilal Bank, said: “We will provide banking facilities to ADCS worth a total of Dh250 million in order to ensure the necessary liquidity to buy equipments, machinery and cars which are required for its operations, in addition to bank guarantees.”
“This agreement reflects our role in supporting the retail sector in particular and the commercial sector in general. We are pleased to sign this agreement with ADCS, complementing our efforts to support various economic sectors in the country, particularly in the Western Region of the Emirate of Abu Dhabi,” Arar added. – TradeArabia News Service