Dh300 million funding for The Address Fujairah Resort

Eagle Hills gets funding from NBF

ABU DHABI 27 August 2017: Eagle Hills, an Abu Dhabi-based private real estate investment and development company, has signed a Dh300 million facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of The Address Fujairah Resort + Spa, a luxury hotel and residential development in Fujairah.

Located in Sharm in Fujairah, famous for its breathtaking landscape of mountains and uninterrupted sea views, the project comprises The Address Hotel with a range of five-star amenities and four residential buildings that include 170 branded apartments, five beach villas and five garden villas. The development also features a 500-metre promenade, beach access, and a unique plaza.

The agreement also ensures a smooth mortgage model for customers and investors looking to purchase the luxury properties, and who wish to finance their purchases through the National Bank of Fujairah.

In 2016, Eagle Hills announced the launch of The Address Fujairah Resort + Spa ahead of starting the necessary ground and marine works. The construction is well underway and completion is on track for 2019.

Vince Cook, NBF’s CEO commented: “The construction sector continues to be a key economic driver for markets across the UAE and GCC. We are delighted to forge an agreement with Eagle Hills on its first UAE project.

“Our agreement aims to support their development strategy and plans for this spectacular seafront project, which we are sure will further boost the economic prospects of Fujairah and help position the emirate as a preferred travel and tourism destination.”

By Rajive Singh

Dubai Gazette