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Tamouh secures $163m Horizon Tower financing deal

The seven-year project financing has been provided by Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB)

Horizon Towers on Reem Island.
Horizon Towers on Reem Island.

Tamouh Investments has completed a (AED600m) financing deal to fund the final phase of the construction of Horizon Towers on Reem Island.

The seven-year project financing was provided by Abu Dhabi Islamic Bank (ADIB) and Abu Dhabi Commercial Bank (ADCB). 

The final phase of the project on Reem Island involves the construction of two towers that will contain a series of one-to-three bedroom apartments -  as well as a variety of retail outlets, a swimming pool, spa, gym and kids' club. 

The project was launched in April this year at Cityscape Abu dhabi and is expected to be completed by the end of March 2017.

The City of Lights project is a 144-acre mixed-use development that will eventually feature 60 towers - eight commercial and 52 residential - accommodating an estimated 27,000 residents. 

Macquarie Capital Middle East acted as a sole financial adviser to the Abu Dhabi-based real estate developer. 

 

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Construction Week - Issue 729
Feb 14, 2019