NBAD to finance Emroc's Abu Dhabi towers project

Abu Dhabi: The newly established Emirates - Morocco General Trading and Investment Company (Emroc) announced on Saturday that it has signed a Dh1 billion agreement with the National Bank of Abu Dhabi (NBAD)National Bank of Abu Dhabi (NBAD)
National Bank of Abu Dhabi
Quote | Chart | News | Profile
Last: 23.050 AED - 0.30 -1.280%
» Disclosures
» Research
» Financials
» Chart Data
Community Stock View
Predict where this stock will close on 23 Dec from its current price Up Down
to finance the company's first real estate project in the country.

The mixed-use development will be built in Abu Dhabi on an area of 12,000 square metres, opposite the Emirates Palace Hotel.

"The two 37-storey luxurious towers will overlook the Arabian Gulf from the Ras Akhdar area. The first tower will house a five-star hotel and resort, while the second will be residential, offering hotel apartments, in addition to a large shopping wing. The development includes a beach," said Salem Mohammad Salem Al Daheri, Emroc's chairman.

Emroc was incorporated earlier this year as a joint venture between businessmen and investors from the UAE and Morocco.

The local stake was set at 51 per cent, while the Moroccan side held 49 per cent. The company targets investments in the two countries in various fields, including real estate, tourism, agriculture, trading, and oilfield services.

Real Estate Designers offers totally innovative solutions for your software development, Internet programming, real estate web design and hosting needs. Our service includes domain name registration and real estate web design. Real Estate Designers provides the complete solution including design, application development and marketing.

source: zawya.com