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Dubai Festival City (DFC),
one of the Middle East’s largest privately-funded, mixed use property
developments, 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
Million square feet retail, leisure, and entertainment hub, the 2.5
Million 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 inspirational all-in-one destination has also announced recently that luxury hotel brand, W Hotels Worldwide, is to
operate a 350-room 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.
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