Abu Dhabi: International Capital Trading (ICT), a major Abu Dhabi-based investment company, yesterday said it has signed loan agreements totalling more than Dh1.7 billion with four UAE banks to develop a vacant plot on the capital's Corniche.
The Dh3 billion Corniche project will be financed in part by Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and National Bank of Dubai (NBD).
"The tenure of the loan is three years construction plus 10 years' repayment, 13 years in total," Ara Khederian, head of ICT's corporate and business development, told Gulf News. However, he declined to give specifics of interest rates or loan breakdown.
"The Corniche project, covering more than 3.1 million square feet, will encompass an extensive collection of luxury hospitality, luxury retail, Class A offices and residential components," an ICT statement said.
It added that the construction of the mixed-use development commenced in June and is scheduled to be completed by 2010.
"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 statement quoted Hamad Abdullah Al Shamsi, ICT's chief executive officer, as saying.
Al Shamsi said ICT is confident of the Corniche project becoming one of the most sought-after retail, commercial, luxury hotel and residential destinations in the region.
