NBAD acted as arranger, co-ordinator and security agent on the deal, with Abu Dhabi Investment Company and Union National Bank also joining the syndicate. Each bank provided AED150m ($40.8m).

Last October NBAD agreed a AED399m ($108.6m) loan to finance Al-Farida’s development of the Bridgeway mixed-use facility at Zayed Sports City in Abu Dhabi.

Al Farida acts as an investor and developer in tourism, retail and residential projects.