Address Fujairah locks $82m facility to fund construction
Abu Dhabi's Eagle Hills has signed a facility agreement with National Bank of Fujairah to fund the ongoing construction of its The Address Fujairah Resort + Spa
Abu Dhabi-based developer, Eagle Hills, has signed on a $81.6m (AED300m) facility to fund the ongoing construction of its The Address Fujairah Resort + Spa project.
National Bank of Fujairah (NBF) and Eagle Hills inked the facility's agreement.
Eagle Hills' luxury hotel and residential project is being built in Fujairah's Sharm area.
The project comprises 170 apartments across four residential buildings, five beach villas, and five garden villas.
A 500m promenade and a plaza will also be built as part of the development.
Low Ping, CEO of Eagle Hills, said the facility agreement will further "reassure customers about their investments in a project that will be delivered in a timely fashion".
She added: "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."