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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

Eagle Hills is developing The Address Fujairah Resort + Spa in Sharm.
Eagle Hills is developing The Address Fujairah Resort + Spa in Sharm.

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. 

READ: Contract awarded for The Address Fujairah Resort

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. 

READ: Eagle Hills launches mixed-use project in Fujairah

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". 

READ: Eagle Hills Jordan appoints new chief executive

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."  

READ: UAE’s MoID completes $14m cultural centre in Fujairah

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Construction Week - Issue 749
Sep 15, 2019