Loan is for AED950m
Abu Dhabi Commercial Bank (ADCB) has provided an AED950m ($258m) loan to real estate developer National Investment Corporation (NIC) to partly finance the new Fairmont Hotel complex being built in Abu Dhabi.
The 10-year working capital loan is the first of its kind to be agreed between the bank and NIC.
The new development is being built on Abu Dhabi breakwater, close to the Marina Mall, also owned by NIC. The complex will include 45-floor twin towers, encompassing a five-star hotel and residential apartments.
UAE-based contractor Arabtec won the construction contract for the hotel complex early in 2013. Arabtec is also building a number of other major Abu Dhabi projects including the new Louvre Abu Dhabi museum, as part of a joint venture with Spains Constructora San Jose and Oger Abu Dhabi - the local affiliate of Saudi Oger.
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