Abu Dhabi’s Eagle Hills Secures $82 Million Loan for Address Fujairah Resort

Press release

Published August 23rd, 2017 - 09:29 GMT

Address Fujairah Resort + Spa.

Abu Dhabi real estate firm Eagle Hills has signed a Dhs300m ($81.6m) facility with National Bank of Fujairah to finance the construction of luxury hotel development the Address Fujairah Resort + Spa.

The development in Sharm, Fujairah, comprises a five-star hotel with 198 rooms and villas and 170 branded residences.

Marina and grading works for the project were awarded to general engineering and contracting company BATCO Group in December.

It is expected to be completed in 2019.

“This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa,” said Eagle Hills CEO Low Ping.

“It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts.

Mohammed Alabbar, the chairman of Address brand owner Emaar is also a board member of Eagle Hills.

In April, Eagle Hills also announced a major mixed use development in Fujairah with a luxury five-star hotel and 84 villas.

Source: Gulf Business

Background Information

Eagle Hills

As an Abu Dhabi-based private real estate investment and development company, Eagle Hills takes its financial capability, expertise, and extensive relationships to drive the creation of large-scale, master-planned communities, with a blend of facilities that will elevate local economies, support holistic living and working solutions, while catering to both tourists and residents. Working in partnership with governments, policy makers, and local developers, Eagle Hills brings its immense expertise to high-growth markets looking to revitalise urban areas or realise the full potential of city hubs. Eagle Hills works with the latest technologies and smart innovations to develop sustainable communities that are built with future generations in mind. Eagle Hills is currently developing a range of mixed-use, mega-projects in Europe, Africa, and the Middle East. These projects are set to positively impact the local communities both from financial and lifestyle aspects, while supporting local economic growth for the surrounding areas.

Company Profile

National Bank of Fujairah

As one of the most well-respected corporate banks in the UAE, National Bank of Fujairah is renowned for its award-winning services, unrivalled understanding of local markets and unwavering commitment to its customers. As the UAE’s bank of choice for over 30 years, it just makes good business sense to bank with National Bank of Fujairah.