Dubai Festival City (DFC), the Middle East’s privately-funded, mixed use property development, announced that it has signed a 1,4 Billion AED finance agreement with the Abu Dhabi Commercial Bank (ADCB). “This…
Dubai Festival City (DFC), the Middle East’s privately-funded, mixed use property development, announced that it has signed a 1,4 Billion AED finance agreement with the Abu Dhabi Commercial Bank (ADCB). “This partnership marks yet another milestone for the development of Dubai Festival City on one end, and the continuing successful relationship we have with the Abu Dhabi Commercial Bank on the other,” said Omar A-Futtaim, CEO of the Al-Futtaim Group, developer of DFC.
“With its sound financial expertise and products, the ADCB is indeed a strategic partner for us in our vision to deliver a world-class project that will be a remarkable addition to the skyline of Dubai and its reputation as a global destination,” he added.
The accord comes as part of the strategic long term relationship between Dubai Festival City and ADCB. It will further support the construction of DFC’s major project components including the Festival Center – a 2,6 Millions square feet retail, leisure, and entertainment hub, the 2,5 Millions square feet life style destination – Marsa Al Khor, four world-class 5-star hotels, and the unique Al-Badia Hillside residential project.
“This agreement highlights our strategy of supporting the UAE’s economy growth, through investing in well-planned and managed projects such as Al-Futtaim Group’s Dubai Festival City,” said Eirvin Knox, CEO of ADCB.
The all-in-one destination has also announced recently that the luxury hotel brand, W Hotels Worldwide, is to operate a luxury hotel at Dubai Festival City, the ‘city-within-a-city’ being built on the banks of Dubai Creek. The W Dubai Festival City will be the brand’s first Middle East property.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
