International Capital Trading raises financing with leading UAE banks for Dh3 billion project

The Dh3 billion Corniche Project is to be financed in part by leading banks, including Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and National Bank of Dubai (NBD). The total fundraising package is in excess of Dh1.7 billion.

The financing agreement has been signed by Hamad Abdulla Al Shamsi, Chief Executive Officer of ICT, Eirvin Knox, Chief Executive Officer of ADCB, Michael Tomalin, Chief Executive Officer of NBAD, Andre Sayegh, Chief Executive Officer of FGB, and Nariman Karbhari, Head of Corporate Banking - Abu Dhabi at NBD.

The over 3.1 million square feet Corniche Project will encompass an extensive collection of luxury hospitality, luxury retail, Class A offices and residential components. Construction of the mixed-use development commenced in June 2007 and is scheduled to be completed by 2010.

Hamad Abdulla Al Shamsi, Chief Executive Officer of ICT, said:

'The financing agreement for the unique Corniche Project is a significant milestone for ICT and is part of our blueprint for our future growth. The project has been supported by top financiers in the UAE banking community and will provide us with the necessary capital resources to develop further world class projects.'

'The launch of the development coincides with the release of Plan Abu Dhabi 2030, which ICT is fully committed to, in line with the future sustainable growth of Abu Dhabi, under the leadership of Abu Dhabi Urban Planning Council,' Mr Al Shamsi said, adding: 'This project will be a significant draw for tourism. As outlined in Plan Abu Dhabi 2030, the increase in annual tourist visits will almost double in the next five years alone.'

'The project's components are designed to meet the continuing increase in demand for high-end hospitality, commercial, retail and residential units in Abu Dhabi and we are confident that it will provide world class unrivalled amenities at arguably one of the most sought-after location in the capital. Once complete, the development will be among the top purpose-built projects in the region,' said Mr Al Shamsi.

In their comments the banks said: 'We are pleased to be associated with the purpose-built luxury Corniche Project, which will be a truly one-of-its-kind mixed-use development in the region. The financing agreement with ICT reflects our commitment to property development projects in Abu Dhabi and we are confident that the Corniche Project will be one of the most sought-after retail, commercial, luxury hotel and residential destinations in the region.'