Dubai Festival City signs US$ 130m loan for futuristic Marsa Al Khor tower
The Al Futtaim Group, a leading UAE business house and developer of Dubai Festival City, the Middle East's largest, privately-funded, mixed-use development, has signed a US$ 130 million 12-year facility agreement to part finance the construction of its flagship residential tower for the all-encompassing destination's recently announced AED 6 billion Marsa Al Khor (Harbour of the Creek) neighbourhood.
The deal, signed with National Bank of Abu Dhabi (NBAD), the UAE's largest bank, is to part finance the 500 apartment centrepiece residence, which will be completed in the last quarter of this year.
Speaking at the signing, Omar Al Futtaim, CEO of the Al Futtaim Group, said: "This is a significant financial arrangement for Dubai Festival City as we continue to develop offerings of the highest standard that will benefit the city of Dubai at large. This agreement further reflects the confidence the financial industry has both in our project and in the UAE's real estate market in general."
Marwan Shehadeh, Managing Director of Al Futtaim Capital heralded the deal as an indication of the development's impressive status within the United Arab Emirates. "This agreement is another milestone for Dubai Festival City and reiterates the high level of confidence the financial community has in our project."
300 of the exclusive apartments will be available for lease, while the remaining 200 will be serviced branded and managed by the InterContinental Group.
The stylish hi-rise apartments will make up the InterContinental Residences, available on annual leases and giving tenants access to the 424 room InterContinental Dubai Festival City and the destination's world-class leisure, retail and entertainment facilities.
"We are delighted to be associated with the Al Futtaim Group for this landmark project and this transaction shows NBAD's continued commitment to support a project of this nature which will augment the ongoing development of the real estate and tourism sector" said Saif Ali Al Shehhi, General Manager, Domestic Banking, NBAD.
Mr. Abdulla Gobash, Regional Manager-Northern Emirates of NBAD hailed the transaction as 'a further milestone in strengthening the excellent partnership with a leading business house who will no doubt make the project a great success'
The master plan for the proposed 245,000 square metre Marsa Al Khor community is designed to capture the spirit and atmosphere of some of the world's finest waterfront lifestyle destinations such as Cape Town's Waterfront and Sydney Harbour.
Creating an integrated Corniche community for up to 14,000 people, Marsa Al Khor will have breathtaking hi-rise towers, stylish Creekside offices, a Central Park, exclusive waterfront homes, state-of-the-art offices and an array of chic cafes and restaurants. Meanwhile, the announcement of the operator of the 300 room lifestyle hotel which will front Marsa Al Khor's centrepiece quay is expected later in March.