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Business managers meet to finalise financing deal
04/05/2007
Business managers met in Dubai yesterday to sign a financing agreement between some of the country's banks and a UK hotel chain, it has emerged.
George Abraham, National Bank of Dubai's head of large corporate and government division, and Darroch Crawford, managing director of Premier Travel Inn Gulf Hotels, were two of the gentleman present, reports Gulf Daily News.
The meeting followed the announcement that PTI has been able to secure 200 million dirhams (£27.4 million) in financing from a pair of Dubai banks.
The reasons for the loan being issued by National Bank of Dubai and Emirates Bank International are so that the UK's biggest hotel brand can develop its inaugural three properties in Dubai.
Mr Crawford said that the hotel chain was very pleased to have secured the financing and stated the company's plans for the next 18 months.
"With this funding we can now accelerate our development plans. Construction contracts for the upcoming Premier Travel Inn at Dubai Investment Park have been awarded and tenders for the other new developments are currently in progress," he told the publication.
George Abraham, National Bank of Dubai's head of large corporate and government division, and Darroch Crawford, managing director of Premier Travel Inn Gulf Hotels, were two of the gentleman present, reports Gulf Daily News.
The meeting followed the announcement that PTI has been able to secure 200 million dirhams (£27.4 million) in financing from a pair of Dubai banks.
The reasons for the loan being issued by National Bank of Dubai and Emirates Bank International are so that the UK's biggest hotel brand can develop its inaugural three properties in Dubai.
Mr Crawford said that the hotel chain was very pleased to have secured the financing and stated the company's plans for the next 18 months.
"With this funding we can now accelerate our development plans. Construction contracts for the upcoming Premier Travel Inn at Dubai Investment Park have been awarded and tenders for the other new developments are currently in progress," he told the publication.