03 October 2007
Dubai, October 3, 2007: ETA Star, a leading property developer in the UAE, announced that it has signed a loan agreement with the Abu Dhabi Commercial Bank (ADCB) for the construction of its Taj Exotica Resort & Spa. Under the agreement, ADCB will provide ETA Star AED275 million for the construction of the magnificent resort complex set on the exquisite crescent of the Palm Jumeirah.
ETA Star is constructing the Taj Exotica Resort & Spa in partnership with the world-renowned Taj Group of Hotels. The Taj Exotica Resort & Spa is a plush five-star hotel complete with a host of world-class facilities, designed to provide residents a lifestyle reminiscent of royalty. The project is modeled on the archetypal palaces of Rajasthan.
Commenting on the Taj Exotica Project, Mr. Abid Junaid, Executive Director, ETA Star said: "Our aim has always been to provide the customer the best and to keep to our promise of delivering a property that is state-of-art with no compromises. The Taj Exotica Resort & Spa once ready will be the abode for modern-day royalty. At our end, we are ensuring that the project live upto their promise and will offer its occupants all the perks of a regal hospitality."
Mr. Shafqat Ali Rana, Regional Head, Business Banking Group, ADCB Corporate Office, said:, "We are pleased to be part of this prestigious project development and we look forward to serving the real estate community by providing unique and innovative financial services."
The highlight of the 262-room Taj Exotica Resort & Spa is the internationally renowned 'Jiva Spa' which will be the largest spa in the Middle East. The spa comprises single and double treatment suites, beauty treatment rooms, meditation and yoga pavilions, relaxation pools and fully equipped gyms. Other facilities at the Taj Exotica Resort & Spa, Palm Jumeirah, Dubai include swimming pools, tennis courts and private beach.
A rare promise to keep in today's swarming real estate market; every ETA Star property is as per schedule and construction is progressing at an aggressive pace. Forever in pursuit of better customer service, ETA Star has introduced revolutionary and innovative investment opportunities for its customers with unique partnerships with leading financial institutions across the world.
ETA Star is one of the leading property development companies in the GCC and is the first developer in the region to be awarded the ISO certification. The company has successfully launched projects close to 10 million sq ft in various master development communities like Dubai Marina, Jumeirah Lake Towers, Dubai International Financial Centre, Business Bay and International Media Production Zone. ETA Star's portfolio includes pioneering projects such as 23 Marina, Al Manara, Liberty House, Gold Crest Executive, The Palm Jumeriah Residence and Spa and Grandeur Residences, The Summit, Pearl Residence, The Belvedere and Gold Crest Views-2.
- Ends -
About ETA Star
ETA Star Property Developers LLC is the property development arm of the ETA-Ascon Group. The company's prime objective is to harness the growing commercial opportunity in Dubai's freehold market. Developments over 10 million square feet of built-up area are already underway and many more are planned over the coming months. ETA Star's portfolio currently includes prestigious commercial and residential properties such as 23 Marina, Liberty House, Goldcrest Executive, Goldcrest Views - 2, The Belvedere and The Palladium. In addition, ETA Star is developing commercial and hospitality projects at the DMC complex, Palm Jumeirah Crescent, Port Saeed, Salahuddin Road and other prime locations in the UAE. ETA Star is also developing major residential and info-tech parks in India and Sri Lanka.
To learn more about the projects underway, please log on to www.etastar.com
About ADCB
Abu Dhabi Commercial Bank - ADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking ADCB is active in the areas of treasury, infrastructure finance, private banking and wealth management.
Since 1985, ADCB has reported successive years of record profits and consistent growth. Our approach is driven by the ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCB has the second largest deposit base with total assets as at 30/06/2007 of AED 96 billion and net profit for the first half of 2007 at AED 976 million.
Our strong franchise, supported by a network of 43 branches in the UAE and 2 branches in India is reflected in our rating of Aa3 by Moody's, which is the highest awarded to a bank in the Middle East.
The Government of Abu Dhabi, through Abu Dhabi Investment Council (ADIC), holds 65% of the capital while the rest is held by various UAE Institutions and Nationals. ADCB's market capitalization as of 31/12/2006 was AED 22.8 Billion (US$6.2 Billion)
For more information, please visit us on www.adcb.com
For more information, please contact:
ETA Star
Ayesha Tully/Jumana Aman
Watermelon PR
Dubai, UAE
Phone: +971- 4 -2833 655
Fax: +971-4-2829 566
Email: ayesha@watermelonme.com
jumana@watermelonme.com
ADCB
Corporate Communications Dept.
Tel: 02- 696 2143
Fax: 02 677 6499
E-mail: najla.a2@adcb.com
Dubai, October 3, 2007: ETA Star, a leading property developer in the UAE, announced that it has signed a loan agreement with the Abu Dhabi Commercial Bank (ADCB) for the construction of its Taj Exotica Resort & Spa. Under the agreement, ADCB will provide ETA Star AED275 million for the construction of the magnificent resort complex set on the exquisite crescent of the Palm Jumeirah.
ETA Star is constructing the Taj Exotica Resort & Spa in partnership with the world-renowned Taj Group of Hotels. The Taj Exotica Resort & Spa is a plush five-star hotel complete with a host of world-class facilities, designed to provide residents a lifestyle reminiscent of royalty. The project is modeled on the archetypal palaces of Rajasthan.
Commenting on the Taj Exotica Project, Mr. Abid Junaid, Executive Director, ETA Star said: "Our aim has always been to provide the customer the best and to keep to our promise of delivering a property that is state-of-art with no compromises. The Taj Exotica Resort & Spa once ready will be the abode for modern-day royalty. At our end, we are ensuring that the project live upto their promise and will offer its occupants all the perks of a regal hospitality."
Mr. Shafqat Ali Rana, Regional Head, Business Banking Group, ADCB Corporate Office, said:, "We are pleased to be part of this prestigious project development and we look forward to serving the real estate community by providing unique and innovative financial services."
The highlight of the 262-room Taj Exotica Resort & Spa is the internationally renowned 'Jiva Spa' which will be the largest spa in the Middle East. The spa comprises single and double treatment suites, beauty treatment rooms, meditation and yoga pavilions, relaxation pools and fully equipped gyms. Other facilities at the Taj Exotica Resort & Spa, Palm Jumeirah, Dubai include swimming pools, tennis courts and private beach.
A rare promise to keep in today's swarming real estate market; every ETA Star property is as per schedule and construction is progressing at an aggressive pace. Forever in pursuit of better customer service, ETA Star has introduced revolutionary and innovative investment opportunities for its customers with unique partnerships with leading financial institutions across the world.
ETA Star is one of the leading property development companies in the GCC and is the first developer in the region to be awarded the ISO certification. The company has successfully launched projects close to 10 million sq ft in various master development communities like Dubai Marina, Jumeirah Lake Towers, Dubai International Financial Centre, Business Bay and International Media Production Zone. ETA Star's portfolio includes pioneering projects such as 23 Marina, Al Manara, Liberty House, Gold Crest Executive, The Palm Jumeriah Residence and Spa and Grandeur Residences, The Summit, Pearl Residence, The Belvedere and Gold Crest Views-2.
- Ends -
About ETA Star
ETA Star Property Developers LLC is the property development arm of the ETA-Ascon Group. The company's prime objective is to harness the growing commercial opportunity in Dubai's freehold market. Developments over 10 million square feet of built-up area are already underway and many more are planned over the coming months. ETA Star's portfolio currently includes prestigious commercial and residential properties such as 23 Marina, Liberty House, Goldcrest Executive, Goldcrest Views - 2, The Belvedere and The Palladium. In addition, ETA Star is developing commercial and hospitality projects at the DMC complex, Palm Jumeirah Crescent, Port Saeed, Salahuddin Road and other prime locations in the UAE. ETA Star is also developing major residential and info-tech parks in India and Sri Lanka.
To learn more about the projects underway, please log on to www.etastar.com
About ADCB
Abu Dhabi Commercial Bank - ADCB is a diversified full service bank. Other than banking services that span corporate, retail and commercial banking ADCB is active in the areas of treasury, infrastructure finance, private banking and wealth management.
Since 1985, ADCB has reported successive years of record profits and consistent growth. Our approach is driven by the ability to create value for our customers by leveraging our skills and expertise. Amongst UAE banks, ADCB has the second largest deposit base with total assets as at 30/06/2007 of AED 96 billion and net profit for the first half of 2007 at AED 976 million.
Our strong franchise, supported by a network of 43 branches in the UAE and 2 branches in India is reflected in our rating of Aa3 by Moody's, which is the highest awarded to a bank in the Middle East.
The Government of Abu Dhabi, through Abu Dhabi Investment Council (ADIC), holds 65% of the capital while the rest is held by various UAE Institutions and Nationals. ADCB's market capitalization as of 31/12/2006 was AED 22.8 Billion (US$6.2 Billion)
For more information, please visit us on www.adcb.com
For more information, please contact:
ETA Star
Ayesha Tully/Jumana Aman
Watermelon PR
Dubai, UAE
Phone: +971- 4 -2833 655
Fax: +971-4-2829 566
Email: ayesha@watermelonme.com
jumana@watermelonme.com
ADCB
Corporate Communications Dept.
Tel: 02- 696 2143
Fax: 02 677 6499
E-mail: najla.a2@adcb.com
© Press Release 2007
