Finance deal for Dubai Festival City Project to be inked by mid-year
According to Al-Bayan newspaper, the Al-Futtaim Group, one of the leading business houses in the Middle East region and the driving force behind Dubai Festival City Project, announced that it has finished the necessary procedures to cover the costs of the first phase of the Dubai Festival City Project, which costs Dh 40 billion.
Mr. Marwan Shahadah, Financial Manager of Al-Futtaim Group, revealed that the group will sign an agreement with five banks in mid this year to finance the first phase of the project, which costs Dh 2.8 billion.
The Dubai Festival City is the Middle East's largest mixed-use development. By 'mixed-use', the project is designed to include all the elements necessary for people to live, work and play in a vibrant, attractive and unique environment.
The development will comprise a unique mix of entertainment, dining, shopping, edutainment, sport and leisure facilities, automotive dealerships, hotels, a marina, residential and office components.
For sporting enthusiasts, Al Badia Golf Resort, an 18-hole championship golf course designed by world-renowned golf course designer Robert Trent Jones II LLC and other world-class sporting facilities are also being incorporated in the project. The Al-Futtaim Group, one of the leading business houses in the Middle East region is the driving enterprise behind Dubai Festival City. The Group operates across a diverse range of activities ranging from automotive, electronics, retail, insurance, and civil engineering, computing, furnishings, hardware, advertising, engineering, ship repair and steel fabrication to real estate & property development.