Abu Dhabi Financial Group (ADFG) has announced that its debt platform, Integrated Alternative Finance, has arranged a debt facility for the Balqis Residence development on the Palm Jumeirah, Dubai.
The project is being developed by Kuwait Stock Exchange-listed IFA Hotels & Resorts, a statement said.
Balqis Residence is a 1,478,000 sq ft of mixed-use residential and serviced apartment complex, comprising 34 villas, two town houses, two penthouses and 351 apartments and suites, it added.
The facility arranged by ADFG will fund the project through to completion, which is expected in the first quarter of 2017. The value of the financing was not disclosed.
Jassim Alseddiqi, CEO of ADFG, said: “We are always particularly proud to support projects in our home UAE market and we are delighted to be able to fully fund the Balqis Residence through to completion.”
Khaled Esbaitah, CEO of IFA Hotels & Resorts ME, added: “We are delighted to welcome a new partner on board with the financial strength and technical expertise of ADFG. We look forward to furthering this relationship with ADFG on future projects.”
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