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- Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day
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- QSE edges lower on selling pressure in banks, consumer goods & insurance; M-cap adds QR2.13bn
- US, UAE Central Banks on track for final interest rate cut of 2025 next week
28/04/2015 00:45 AST
National Corporation for Tourism & Hotels, the owner of the InterContinental Abu Dhabi, has become the latest UAE corporate to seek to refinance its loan portfolio.
The Abu Dhabi-based company, which also manages the Danat Hotels & Resorts group, said yesterday it was in discussions with lenders to refinance about Dh880 million of loans to manage "liquidity and meet other investment requirements".
The loans under consideration consist of a Dh600m facility - Dh468m earmarked for "future investment opportunities" and Dh132m for the repayment of existing loans - and a Dh280m facility aimed at "a specific investment opportunity" in the early stages of discussions.
It is the latest in a series of UAE corporates - including NMC Healthcare, Tabreed, Taqa and Aldar - to take advantage of low interest rates and a greater lending appetite among banks to refinance old debt.
The company also said yesterday that it had signed some Dh325.5m worth of loans with Abu Dhabi Commerical Bank in 2013 and 2014, for the funding of a five-star waterfront project on Saadiyat Island in conjunction with the Tourism Development & Investment Company (TDIC), and the renovation of the InterContinental and a series of other hotels.
NCTH reported a 28.7 per cent rise in 2014 profit to Dh158.7m, thanks to a 9 per cent increase in revenues over the same period.
However, the increase in profitability was attributable to the performance of retail and catering services segments; its hotels segment reported a 7.4 per cent fall in gross profits during the year.
NCTH shares, listed on the Abu Dhabi Securities Exchange, ended yesterday 3.74 per cent lower at Dh6.69 a share.
The National
04/11/2015
The National Corporation for Tourism and Hotels announced on Tuesday that it has recorded Dh101.9 million in net profits in the first nine months of the year, marking a drop from the Dh108.4 million
Gulfnews
01/05/2010
The National Corporation of Tourism and Hotels (NCTH), which owns properties including the InterContinental Abu Dhabi, has blamed lower revenues for a 17.61 per cent fall in first-quarter profits.
The National
09/05/2009
The Abu Dhabi-based National Corporation For Tourism & Hotels, or NCTH, plans within the next three years to open a trio of five-star hotels in the nation's capital worth more than Dh2 billion, a top
Khaleej Times
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| TALABAT | 0.91 | -0.01 (-1.09 |
| AMR | 1.76 | -0.01 (-0.57 |
| ADAVIATION | 5.32 | 0.00 (0.00 |
| ADNH | 0.43 | 0.00 (0.00 |
| ALG | 1,123.00 | 7.00 (0.62 |
05/12/2025
The first phase of oil giant Aramco's Jafurah gas plant is complete and production has begun with a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday.
Th
Asharq Al Awsat
05/12/2025
Bahrain Marina Development Company (BMDC), the master developer of the Bahrain Marina project on the eastern waterfront of Manama, has announced the signing of a strategic partnership agreement with
Trade Arabia
05/12/2025
Investcorp Capital (ICAP), a company listed on the Abu Dhabi Securities Exchange, today (December 4)announced that it has successfully acquired a diversified portfolio of industrial assets for $400 m
Trade Arabia
05/12/2025
In recognition of its sustained commitment to promoting inclusivity and fostering a workplace environment that embraces all segments of society, Gulf Bank received a special invitation from the Briti
Kuwait Times
05/12/2025
Leading Saudi flour production company Fourth Milling Company (MC4) has broken ground on its new production facility at Al Kharj region of the kingdom. This comes as part of its SAR265 million ($71 m
Trade Arabia
Financial Information Co.
Saudi Arabia