Eagle Hills, the Abu Dhabi-based developer which has the Emaar chairman Mohamed Alabbar as a board member, has secured a Dh300 million loan from National Bank of Fujairah to fund the construction of a five-star hotel development in Fujairah.
The loan will fund the construction of The Address Fujairah Resort, a luxury hotel and residential development.
The agreement is an "important milestone" for the project's development and will offer reassurance to customers that their investments "will be delivered in a timely fashion", said Low Ping, the chief executive of Eagle Hills.
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Read more:
Eagle Hills in first UAE project with Address Hotel-branded resort in Fujairah
Eagle Hills to build new hotel and gated community in Fujairah
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Eagle Hills first announced the project in April last year.
Built on a 1.2-million square feet plot of land, it will contain an Address Hotel and 170 serviced apartments spread over four buildings, in addition to a mix of beach and garden villas. All the properties will have access to the beach and a 500-metre promenade and plaza.
In June, the developer also announced its plans to build a second luxury hotel in the emirate, the Palace Fujairah Beach hotel. Both are being managed by Emaar Hospitality Group's Address Hotels & Resorts brand.
Construction at The Address Fujairah Resort is under way with completion scheduled for 2019.
"The construction sector continues to be a key economic driver for markets across the UAE and GCC," said Vince Cook, NBF's chief executive.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Killing of Qassem Suleimani
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
MATCH INFO
England 2
Cahill (3'), Kane (39')
Nigeria 1
Iwobi (47')
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
