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ADCS inks $68m banking facilities agreement with Al Hilal Bank

UAE-based Al Dhafra Co-operative Society (ADCS) has signed AED250m ($68m) banking facilities agreement with Al Hilal Bank.

Under the terms of the agreement, the bank will provide AED150m ($40.83m) for purchase of machinery, equipments and cars, while the remaining amount AED100m ($27.22m) will be provided as guarantee.

This financial loan will boost ADCS’ efforts to develop the activities of the cooperative society in order to serve people in the western region.

Al Hilal Bank wholesale banking group head and EVP Sari Arar was quoted by ameinfo.com as saying that the banking facilities agreement will support the needs of the Cooperative Society and to fund its working capital and support its future investments.

"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," Arar added.