21 April 2014
ADCB and National Investment Corporation ink AED 950M agreement for development of landmark tourism project in Abu Dhabi
10-year term facility to support development of new Fairmont Hotel complex on Abu Dhabi breakwater
Abu Dhabi, 21 April 2014: Abu Dhabi Commercial Bank (ADCB) this week inked a AED 950M term facility to provide National Investment Corporation (NIC), the developer of the breakwater area in Abu Dhabi, with working capital for the development of the new Fairmont Hotel complex.
The tourism complex will encompass 45-floor twin towers accommodating a five star hotel and residential apartments with sea views, ideally located on the Abu Dhabi breakwater, close to Marina Mall.
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.
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.”
Mr. Abdulla Ali Al Saadi, Managing Director of NIC mentioned that “NIC has played an important role in development of the whole area including the high-end residential villas and the iconic Marina Mall. 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.”
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