By Andy Sambidge
Developer and bank sign agreement to fund D1 Tower in Dubai; slated for H2 2014 completion
Standard Chartered Bank and developer ENSHAA said on Monday they have signed a finance facility agreement of AED255m ($69.4m) for the D1 Tower project in Dubai.
The real estate project, located close to the Palazzo Versace development, is planned to be completed in the second half of 2014, a statement said.
ENSHAA said the agreement was part of its commitment to the delivery of its projects including the D1 Tower.
The company has also developed projects such as Palazzo Versace Dubai and Emirates Financial Towers.
Standard Chartered said the deal demonstrated its "continuous support of its key clients in the UAE and the region".
Fergal G Harris, regional head, Commercial Real Estate, Standard Chartered Bank said: "As Dubai's housing market continues to recover on the back of improving economic conditions, D1 project represents a best in class asset.
"Standard Chartered is pleased to support ENSHAA's premium luxury tower as we continue to extend financial support to our clients from the various sectors in the UAE and the region."
Raza Jafar, CEO of ENSHAA, added: "ENSHAA is pleased by the confidence that banks such as Standard Chartered Bank have shown in our projects. We are looking forward to a long and prosperous relationship with Standard Chartered Bank."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.