Dubai Festival City signs 10-year project financing agreement with Emirates Bank and Standard Chartered

The financing is the first raised by Dubai Festival City for its multi-phase, 1600-acre project.

"This is a significant project finance arrangement for Dubai Festival City," said Omar Al-Futtaim, CEO of the Al-Futtaim Group, the private developer behind Dubai Festival City. "This initial deal with EBI and SCB is to part finance the development of Dubai Festival City's first phase which includes the value retail centre, automotive park and the Al Badia Golf Resort Residential which is currently under construction."

The first phase of Dubai Festival City's Al Badia Golf Resort Residential will be completed in August of this year and its retail and automotive parks in September 2005. These will be amongst the first elements to open on the mixed-use, multi-phase development.

Anis Al Jallaf, EBI's Managing Director and CEO said; "The Dubai Festival City transaction is a demonstration of EBI's continued commitment in supporting the ongoing development of landmark projects in Dubai. We are very satisfied to have structured and concluded this financing.

"EBI is genuinely pleased to be associated with one of the region's premier business groups, on a project that is a significant addition to Dubai's growing international reputation as a world-class tourism and business destination."

Ray Ferguson, Chief Executive, Standard Chartered Bank UAE, added: "Our association with the Al Futtaim Group goes back a long time and we are proud to be one of the first banks to have arranged financing for this development project. Dubai Festival City is an iconic project for Dubai and our involvement displays the commitment of the bank to partnering our customers to meet their strategic goals."

Dubai Festival City is being developed on 1,600 acres along a 3.8km stretch of Dubai Creek. Comprising 15 distinct development zones, Dubai Festival City is the Middle East's largest, privately-funded, mixed-use, real estate project.

When complete, Dubai Festival City will comprise a unique mix of hospitality, entertainment, dining, shopping, edutainment, sport and leisure facilities, automotive dealerships, hotels, a marina, residential and office components.