Abu Dhabi National Hotels secures $436m loan for hotel purchase

Abu Dhabi National Hotels operates Le Meridien Abu Dhabi. (Courtesy ADNH)
Updated 14 January 2019
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Abu Dhabi National Hotels secures $436m loan for hotel purchase

  • Loan to finance acquisition of a number of Dubai-based hotels
  • ADNH said on November 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality

DUBAI: First Abu Dhabi Bank said on Monday it had agreed to provide a 1.6-billion dirham ($436 million) loan to Abu Dhabi National Hotels (ADNH) for the acquisition of a number of Dubai-based hotels.
The statement didn’t specify the hotels, but ADNH said on Nov. 29 it had agreed to buy five hotels from Emaar Properties unit Emaar Hospitality for 2.2bn dirhams.


Turkey says trying to convince US to allow Iranian oil imports

Updated 44 min 42 sec ago
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Turkey says trying to convince US to allow Iranian oil imports

  • US demanded that Iranian oil buyers stop purchases by May 1 or face sanctions
  • The decision was more stringent than expected, and caught several key importers to plead with the US

ANKARA: Turkey is trying to convince the United States to allow refiner Tupras, its biggest oil importer, to continue buying crude oil from Iran free of sanctions, Foreign Ministry spokesman Hami Aksoy said on Friday.
Washington on Monday said it will not renew exemptions granted last year to buyers of Iranian oil, including Turkey, and it demanded that buyers stop purchases by May 1 or face sanctions.
The decision was more stringent than expected, and caught several key importers who have been pleading with Washington to continue buying Iranian oil sanctions-free.