NBAD in Dh1.11bn deal with Emroc
A Dh1.11 billion deal to finance a luxury hotel project in Abu Dhabi was signed between National Bank of Abu Dhabi (NBAD) and the Emirates and Morocco Company of Commerce and Public Investments (Emroc).
The Moroccan firm is launching two hotel towers, each consisting 37 floors, and hotel apartment at Al Ras Al Akhdar in Abu Dhabi.
One of the towers will be a five-star hotel and resort, and the other will be a luxury hotel apartments. The venture will be completed in October 2010.
Emroc Chairman Salim bin Mohammed Al Thahiri said the company was created to consolidate the ties between the UAE and Morocco.
The project will be handled and operated by a major international hospitality chain, which will be selected through a global bidding.
Al Thahiri said that the company, as part of its long-term strategy, has drawn up a plan to design and carry out construction projects.
The hotel will have 408 rooms and suites, while the residential tower will contain 229 luxury apartments.
The resort consists of luxury halls for parties and conferences, restaurants, spa, health club, sports courts and grounds, swimming pools and a shopping area.
Present at the agreement signing were Ahmed Mohammed Al Rumaithi, Ibrahim Mahmoud Mohammed Al Mahmoud, two members of the Emroc’s board, Abdullah bin Khalaf Al Otaiba, Head of the Companies’ Banking Group at the NBAD, and Abdullah Al Sakb, Deputy Head of the Banking Group at the NBAD.
Abdullah bin Khalaf Al Otaiba, Head of the Companies’ Banking Group and Deputy General Manager of the Internal Banking Sector at the NBAD, said the new project will help meet the increasing demand for hotel rooms in Abu Dhabi.
The number of tourists to Abu Dhabi will go up to three million by 2015.
Emroc was established by a group of investors from the UAE and Morocco. The company invests in sectors such as tourism, property development, agriculture, trade and oil. (Wam)
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