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Facility agreement with National Bank of Fujairah to finance the ongoing construction of 'The Address Fujairah Resort + Spa'
Eagle Hills, an Abu Dhabi-based private real estate investment and development company, has signed a AED 300 million facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of The Address Fujairah Resort + Spa, a luxury hotel and residential development in Fujairah.
Located in Sharm in Fujairah, famous for its breathtaking landscape of mountains and uninterrupted sea views, the project comprises The Address Hotel with a range of five-star amenities and four residential buildings that include 170 branded apartments, five beach villas and five garden villas. The development also features a 500-metre promenade, beach access, and a unique plaza.
The facility agreement endorses Eagle Hills’ luxury development as a sound investment for customers, while demonstrating the company’s commitment to collaborating with key local insitutions and organisations in Fujairah. The agreement also ensures a smooth mortgage model for customers and investors looking to purchase the luxury properties, and who wish to finance their purchases through the National Bank of Fujairah.
Low Ping, CEO of Eagle Hills said: “This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa. It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts.
“We are committed to giving back to the communities in which we operate, and we believe it is absolutely vital that we work in partnership with local organisations. The National Bank of Fujairah (NBF) represents a strong local financial partner for us.”
In 2016, Eagle Hills announced the launch of The Address Fujairah Resort + Spa ahead of starting the necessary ground and marine works. The construction is well underway and completion is on track for 2019.
Speaking about the agreement, Vince Cook, NBF’s CEO commented: “The construction sector continues to be a key economic driver for markets across the UAE and GCC. We are delighted to forge an agreement with Eagle Hills on its first UAE project.
“Our agreement aims to support their development strategy and plans for this spectacular seafront project, which we are sure will further boost the economic prospects of Fujairah and help position the emirate as a preferred travel and tourism destination. We are confident that our partnership will also meet the requirements of individual investors through our innovative solutions and services and our value added mortgage programmes.”
The Address Residences Fujairah Resort + Spa is an embodiment of Eagle Hills’ goal to provide a superior leisure and lifestyle experience. The development is an ideal getaway for those who would like to move away from the hustle and bustle of busy city life, without compromising on modern day living and amenities.
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About Eagle Hills Abu Dhabi
Eagle Hills Abu Dhabi is an Abu Dhabi-based private real estate investment and development company focused on the development of new city hubs in high-growth international markets. With a focus on developing large-scale real estate projects, Eagle Hills designs and implements mixed-use facilities. These communities draw on the latest technologies to build smart and sustainable projects that add significant value to the local economy. The company is developing projects in Bahrain, Jordon, Morocco, Serbia and the UAE.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.
NBF's key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1 / Prime-2 for deposits and A3 for counterparty risk assessment by Moody's and BBB+ / A-2 by Standard & Poor's, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol "NBF". It has a branch network of 16 across the UAE.
© Press Release 2017
