Eagle Hills, the Abu Dhabi-based developer which has the Emaar chairman Mohamed Alabbar as a board member, has secured a Dh300 million loan from National Bank of Fujairah to fund the construction of a five-star hotel development in Fujairah.
The loan will fund the construction of The Address Fujairah Resort, a luxury hotel and residential development.
The agreement is an "important milestone" for the project's development and will offer reassurance to customers that their investments "will be delivered in a timely fashion", said Low Ping, the chief executive of Eagle Hills.
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Read more:
Eagle Hills in first UAE project with Address Hotel-branded resort in Fujairah
Eagle Hills to build new hotel and gated community in Fujairah
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Eagle Hills first announced the project in April last year.
Built on a 1.2-million square feet plot of land, it will contain an Address Hotel and 170 serviced apartments spread over four buildings, in addition to a mix of beach and garden villas. All the properties will have access to the beach and a 500-metre promenade and plaza.
In June, the developer also announced its plans to build a second luxury hotel in the emirate, the Palace Fujairah Beach hotel. Both are being managed by Emaar Hospitality Group's Address Hotels & Resorts brand.
Construction at The Address Fujairah Resort is under way with completion scheduled for 2019.
"The construction sector continues to be a key economic driver for markets across the UAE and GCC," said Vince Cook, NBF's chief executive.
