National Investment Corporation (NIC), which is developing a new Fairmont hotel in Abu Dhabi, has secured a AED950 million (US $258.6 million) loan for the project.
Abu Dhabi Commercial Bank (ADCB) confirmed the loan in a statement on Tuesday, adding that it would provide the developer of the breakwater area in Abu Dhabi with working capital for the hotel project.
The tourism complex will encompass 45-floor twin-towers accommodating a five-star hotel and residential apartments with sea views, the statement said. The hotel will reportedly contain 563 rooms and 249 apartments and is slated for completion in 2016.
NIC managing director Abdulla Ali Al Saadi said: "This new branded development, which will be managed by Fairmont will provide further opportunities for the UAE Nationals to buy properties at such a prime location. NIC appreciates the support ADCB has shown for its development projects in the area.”
| Advertisement |
The 10-year loan is the first such facility agreed between ADCB and NIC, which also owns Marina Mall. ADCB is the main lender for the project.
“ADCB is proud to be associated with this landmark project, which will be a valuable addition to the tourism scene in Abu Dhabi, and a key contributor to the creation of new jobs in the capital,” added ADCB head - corporate and business banking group Howard Gaunt.
"The tourism sector is a vital contributor to the nation’s development and this strategic partnership is testimony to the confidence we have in National Investment Corporation to deliver on its reputation for first class developments.”
Search our database of more than 2,700 industry companies
