Al Dhafra Co-Operative Society Signs AED 250 Million Banking Facilities Agreement With Al Hilal Bank
Saif Mohammed Al Hamli, CEO of Al Dhafra Co-operative Society (ADCS), has revealed that ADCS has recently signed an AED 250 million banking facilities agreement with Al Hilal Bank, which will offer facilities with a value of AED 150 million to finance the purchase of machinery, equipments and cars, while the bank will also provide bank guarantees of AED 100 million.
Al Hamli lauded the significant efforts undertaken by members of ADCS’s board to develop the activities of the Cooperative Society to reaffirm its leadership position in the field of social and economic work to serve the people in the western region. This is based on its vision and mission to promote joint work, social integration, provide modern services and support development projects. This will also lead to the development of vital sectors such as retail, real estate, oil field services, car rental, and transportation, while also contributing to the protection of the environment and conserving its resources, and raising the level of safety in accordance with the highest standards of quality, efficiency and excellence.
Al Hamli pointed out that this agreement confirms ADCS’s continuous commitment to leadership and its strong position in the market, which is witnessing intense competition in all areas. He also praised the cooperation of Al Hilal Bank and the facilities that have been provided to the Cooperative Society, and hoped that this collaboration will be mutually beneficial.
“The banking facilities agreement signed with ADCS comes in line with our efforts to support the needs of the Cooperative Society and to fund its working capital and support its future investments. We will provide banking facilities to ADCS worth a total of AED 250 million in order to ensure the necessary liquidity to buy equipments, machinery and cars which are required for its operations, in addition to bank guarantees. This agreement reflects our role in supporting the retail sector in particular and the commercial sector in general. We are pleased to sign this agreement with ADCS, complementing our efforts to support various economic sectors in the country, particularly in the Western Region of the Emirate of Abu Dhabi,” said Sari A. Arar, EVP – Head of Wholesale Banking Group, Al Hilal Bank.
Emirate: Abu Dhabi
Date: Dec 23, 2012
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