ICT wins project funds

Abu Dhabi-based investment company, International Capital Trading (ICT), has signed a financing agreement with four leading UAE banks for its landmark Corniche Project to be developed in the country's capital.

Abu Dhabi-based investment company, International Capital Trading (ICT), has signed a financing agreement with four leading UAE banks for its landmark Corniche Project to be developed in the country's capital.

The US $817 million (AED3 billion) Corniche Project is to be financed in part by leading banks, including Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and National Bank of Dubai (NBD).

The total fundraising package is in excess of AED1.7 billion (US $463 million).

The over 290,000m² Corniche Project will encompass an extensive collection of hospitality, retail, commercial and residential components. Construction of the mixed-use development is scheduled to be completed by 2010.

Hamad Abdulla Al Shamsi, CEO, ICT, said: "The project has been supported by top financiers in the UAE banking community and will provide us with the necessary capital resources to develop further world class projects."

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