Abu Dhabi Commercial Bank (ADCB) has signed a Dh950 million loan deal with National Investment Corporation (NIC), the developer of the breakwater area in Abu Dhabi, for the development of the new Fairmont Hotel complex, Arabian Business reported.

The tourism complex will encompass 45-floor twin towers accommodating a five-star hotel and residential apartments with sea views, ideally located on the Abu Dhabi breakwater, close to Marina Mall.

The 10-year loan is the first such facility agreed between ADCB and NIC, which also owns Marina Mall. ADCB is the main lender for the project.

Howard Gaunt, Head of Corporate and Business Banking Group at ADCB, said: “ADCB is proud to be associated with this landmark project, which will be a valuable addition to the tourism scene in Abu Dhabi, and a key contributor to the creation of new jobs in the capital. The tourism sector is a vital contributor to the nation’s development and this strategic partnership is testimony to the confidence we have in National Investment Corporation to deliver on its reputation for first class developments.”