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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 |
|---|---|---|
| AMR | 2.06 | -0.04 (-1.91 |
| ADAVIATION | 5.68 | 0.00 (0.00 |
| ADNH | 0.49 | 0.00 (0.00 |
| TAALEEM | 4.85 | 0.05 (1.04 |
| ALG | 1,143.00 | 2.00 (0.17 |
15/08/2025
The Dubai toll operator Salik is having another good day on DFM, with the share trading 0.76% higher at Dh6.6 - after gaining more than 3% Thursday (August 14).
Salik's latest financials pro
Gulfnews
15/08/2025
Gulf International Services, yesterday reported a net profit of QR408m for the six-month period ended 30 June 2025, representing an improvement of 14 percent versus the same period of last year. Earn
The Peninsula
15/08/2025
Qatar Oman Investment Company reported a 216.15 percent surge in net profits during the first half of 2025, reaching QAR 4.005 million, compared to QAR 1.266 million in the same period of 2024.
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Gulf Times
15/08/2025
KIPCO - Kuwait Projects Company (Holding) - reported a record operating profit of KD 88.7 million ($290.5 million) for the first six months of 2025, a 9.9 percent increase from the KD 80.8 million ($
Kuwait Times
15/08/2025
Saudi Aramco signed an $11 billion lease-and-leaseback agreement with a consortium led by Global Infrastructure Partners, part of BlackRock, for midstream assets tied to its Jafurah gas development.
Arab News
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