Union National Bank (UNB) has extended a loan of Dhs560 million for the construction of one of the largest low cost housing projects in Abu Dhabi.
The first of its kind residential and commercial development will house around 75,000 people providing all facilities including shopping malls. The project spreads over an area of 1 KM2 comprising of 121 residential, recreational and commercial buildings.
The long term financing agreement was recently signed between Mohammad Nasr Abdeen, Union National Bank’s Chief Executive Officer and Khalfan Saeed Juma Al Kaabi, ‘Al Eskan Al Jamae LLC Chairman, at a commemorative ceremony held at the Bank’s Head Office in Abu Dhabi.
On the occasion Khalfan Saeed Juma Al Kaabi thanked Union National Bank for its strong support to this key project, which is in line with Abu Dhabi’s 2030 vision. He also expressed the company’s commitment to the continued success and excellence of such endeavors.
Commenting on the project, Mohammad Nasr Abdeen, UNB CEO, said: “The Bank continues to support local entrepreneurs enhancing the development of the nation.”
“By financing the Al Eskan Al Jamae, in the Industrial City of Abu Dhabi, the basic accommodation needs of a large sector of the workforce will be met in a convenient and economic way,” he added.
The Bank has been playing a significant role in line with the vision of Abu Dhabi for infrastructural developments. This project is one of the various projects financed b y the Bank in line with the Emirates’ 2030 Plan.
Union National Bank (UNB) reported a record consolidated profit of Dhs1.5 billion for the fiscal 2011 and in 2010 it was Dhs1.3 billion, which is an increase of 11 per cent compared to the prior year.
It is considered as one of the major players in the financial markets in the United Arab Emirates with Global Finance in 2011 also stating it to be one of the “Top 50 Safest banks in Emerging markets.
According to Moody’s UNB’s Foreign Currency Long-term Rating is rated at ‘A1’ and Foreign Currency Short-term Rating at ‘F1’ with a Stable Outlook. In addition, the Bank has consistent ratings (Fitch A+ long term and F1 short term; Capital Intelligence A+ long term and A1 short term).
Drawing upon a rich experience of serving customers for more than 25 years, UNB have developed a strong presence in the UAE across all the sectors of the economy.