Abu Dhabi-based real estate firm Eagle Hills has signed a Dh300 million ($81.6 million) facility with the National Bank of Fujairah (NBF) to finance the ongoing construction of The Address Fujairah Resort + Spa.

Located in Sharm in Fujairah, the project comprises The Address Hotel with a range of five-star amenities and four residential buildings that include 170 branded apartments, five beach villas and five garden villas.

The development also features a 500-m promenade, beach access, and a unique plaza.

Low Ping, CEO of Eagle Hills said: “This strategic agreement with a trusted bank represents an important milestone in the development of The Address Fujairah Resort + Spa. 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.

“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. The National Bank of Fujairah (NBF) represents a strong local financial partner for us.”

In 2016, Eagle Hills announced the launch of The Address Fujairah Resort + Spa ahead of starting the necessary ground and marine works.

The construction is well under way and completion is on track for 2019.

Speaking about the agreement, Vince Cook, NBF’s CEO said: "We are delighted to forge an agreement with Eagle Hills on its first UAE project."

“Our agreement aims to support their development strategy and plans for this spectacular seafront project, which we are sure will further boost the economic prospects of Fujairah and help position the emirate as a preferred travel and tourism destination. We are confident that our partnership will also meet the requirements of individual investors through our innovative solutions and services and our value added mortgage programmes,” he said. - TradeArabia News Service