Agility, through its subsidiary, United Projects for Aviation Services Company (UPAC), would like to announce that Al Farwaniya Property Developments LLC has signed a seven-year senior credit facility for a value of $457 million with a consortium of regional and international banks: Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank and Standard Chartered Bank, to finance the development of Reem Mall.
Al Farwaniya Property Developments LLC is a United Arab Emirates Company responsible for developing the Reem Mall in Abu Dhabi, a project that UPAC has invested in through its subsidiary, Al Arfaj Real Estate Company, in partnership with one of the subsidiaries of the National Real Estate Company KSCP.
Closing of the above credit facility is subject to the project sponsors (Agility, UPAC, and NREC) meeting final conditions.
At this time there is no impact on the company’s financials, until the deal is finalized. A detailed disclosure will be made upon final closing.
About Agility
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.8 billion in revenue and more than 20,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions to meet traditional and complex customer needs. GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support.
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