By Andy Sambidge
Abu Dhabi Commercial Bank says it has agreed to provide loan to National Investment Corp for hotel project
Abu Dhabi Commercial Bank (ADCB) said on Tuesday it has inked a AED950 million ($258.6 million) agreement with National Investment Corporation (NIC) for the development of a new Fairmont hotel in the UAE capital.
It said in a statement that it will 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.
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, it added.
Howard Gaunt, head - corporate and business banking group at ADCB, said: “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.
"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.”
Abdulla Ali Al Saadi, managing director of NIC, added: "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.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.