The National Bank of Fujairah has signed a AED300million deal to finance a luxury hotel and residential development due to be completed in 2019.
The Address Fujairah Resort + Spa project is being constructed at Sharm in Fujairah, and will feature 170 apartments alongside the five-star hotel, beach and garden villas, and a 500-metre promenade.
The project is being built by Abu Dhabi-based investment and development firm Eagle Hills, and the deal with the National Bank of Fujairah will allow for easier mortgage access for purchasers who carry out their transactions through the bank.
“It will further reassure customers about their investments in a project that will be delivered in a timely fashion, whilst adhering to the world-class standards of Eagle Hills and The Address Hotels & Resorts,” Low Ping, CEO of Eagle Hills said of the deal.
“We are committed to giving back to the communities in which we operate, and we believe it is absolutely vital that we work in partnership with local organisations.”