ADCB - sole lender for Etihad Towers in Abu Dhabi
The launch of Etihad Towers, a new Dh2.5 billion mixed-use development comprised of five towers ranging from 49 to 74 floors and exceeding 300 meters was recently announced in Abu Dhabi.
The towers will include a high-end hotel with a capacity of 600 rooms, as well as 900 residential apartments, and 65,000 square meters of office space according to Gulf News.
The project's theme concept has been designed by the Australian International design consultant (DBI), and will include as well eight unique restaurants, a large ballroom, as well as a private beach.
Four contracts were signed for the project by Shaikh Suroor Bin Mohammad Al Nahyan with Abu Dhabi Commercial Bank (ADCB) as sole lender, Arabian Construction Company (ACC) as the main contractor, Tabreed for cooling, and Canadian company Cansult as construction supervision consultant.
ADCB will provide a term loan facility of Dh2.4 billion for 15 years to fin-ance the construction of Etihad Towers, while Tabreed will provide the project with 12,500 tonnes of refrigeration (TR) cooling services. Cooling services will be provided from the Baynoona plant, and the project is expected to be completed by 2010.
© 2006 Mena Report (www.menareport.com)