• Abu Dhabi developer Tamouh Investments closes AED600m ($163m) Islamic finance deal
  • The financing will fund the completion of Horizon Towers on Reem Island
  • Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank have extended the project finance

Abu Dhabi’s Tamouh Investments has secured AED600m ($163m) of Islamic finance for its Horizon Towers project on Reem Island.

Abu Dhabi Islamic Bank and Abu Dhabi Commercial Bank extended the seven-year financing deal.

The project finance will fund the final phase of construction on the residential project. Structural works are finished and the construction overall is at 43 per cent, according to the most recent update. The project is due for completion in March 2017.

The two towers share a six floor podium. One tower has 57 floors and the other 38. The towers will include one to three bedroom apartments, and retail and leisure facilities in the podium.

Australia’s Macquarie Capital Middle East and the UK’s Berwin Leighton Paisner were Tamouh’s financial and legal advisors. The US’ White & Case were the legal advisors to the lenders.

“We are delighted to support Tamouh in what represents a key milestone in the development of City of Lights,” said Wissam Moukahal, executive chairman at Macquarie Capital Middle East in a press release. “We believe the facility represents a competitive financing solution to meet the project’s liquidity requirements and clearly demonstrates that bank appetite remains strong for well-structured deals with credit-worthy counterparties such as Tamouh.”

Horizon Towers are part of Tamouh’s 144 acre mixed-use City of Lights development, which will consist of 60 residential and commercial towers. It also has Paragon Bay Mall on Reem Island under construction, with over 24,000 square metres of retail space.