Emirates Bank extends $55mn tower loan

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Key dignitaries from both Emirates Bank and Al Mazaya Group attended the signing ceremony.

Emirates Bank has extended a $55 million loan facility to First Dubai Real Estate Development, a subsidiary of Al Mazaya Group.

The facility will partly finance the $163 million construction of a residential tower, Sky Gardens, in the Dubai International Financial Centre (DIFC) District.

"We are glad with the facilities given by Emirates Bank to finish [Sky Gardens], especially since we consider this tower as our small baby strategically located in the DIFC," said Khalid Esbaitah, Al Mazaya's managing director and CEO.

"This project complements the long term vision and business mission of Al Mazaya Group," he continued. "Emirates Bank is a good example of the trust given by financial banks and organisations to our firm, and is an assurance and a confirmation that Al Mazaya is a leading property firm in the region."

Sky Gardens will be the first high-rise residential tower of the DIFC district. The 40-storey tower will comprise of 575 apartments, as well as a shopping boulevard, gym and swimming pool, and extensive gardens.

Other First Dubai Real Estate Development projects in Dubai include The Villa, Dubai Healthcare City, The Icon, Towers at Business Bay and Al Liwa.

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READERS' COMMENTS

extended tower loan
Posted by TL, Dubai, UAE on Monday 9 July 2007 at 21:00 UAE time


Is this the start of a potentially worrying trend where construction and development costs are outstripping incomes where over zealous developers have sold too cheap to soon. It is to be expected that not all developers will have sufficient collateral to extend loans to support shortcommings on feasibilities, or that required selling prices for residual properties will not be attainable in the market - something has to give; watch this space.

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