Abu Dhabi investment firm International Capital Trading (ICT) on Tuesday said it has signed a 1.7 billion dirham ($463 million) financing agreement for a luxury real estate project it is developing the UAE capital.
ICT said it has arranged funding for the Corniche Project from Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and National Bank of Dubai (NBD).
“The financing agreement for the unique Corniche Project is a significant milestone for ICT and is part of our blueprint for our future growth,” Hamad Abdulla Al Shamsi, Chief Executive of ICT, said in a statement.
“The project has been supported by top financiers in the UAE banking community and will provide us with the necessary capital resources to develop further world class projects.”
The 3 billion dirham development will be made up of hospitality, retail, office and residential units.
Construction began in June this year and is expected to finish by 2010.
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