Dubai World Trade Centre (DWTC) and the National Bank of Dubai have signed an AED 800 million short-term loan facility, to partly fund DWTC’s ongoing development plans.
The deal will help finance DWTC’s major real estate projects – Dubai Trade Centre District and Dubai Exhibition City – which are being constructed in parallel.
Dubai Trade Centre District is set to be a highly prestigious mixed use development that will create a new business quarter at the centre of Dubai.
Phase one, which is currently under construction, will offer over 2.3 million sq. ft of grade one office space, along with executive serviced apartments, several three, four and five star hotels, and a diverse range of retail and dining options.
DWTC’s other mega-project, Dubai Exhibition City, is a unique concept. It will be the first totally integrated event city and will meet the exacting needs of organisers, exhibitors, visitors and delegates from across the globe.
Strategically located adjacent to Jebel Ali Airport and spreading across a 7 sq. km site, Dubai Exhibition City is aligned to the Dubai Strategy 2015 and aims to ensure that Dubai is the world’s leading exhibition and conference destination.
At the heart of this unique event city will be Dubai Exhibition World, a state-of-the-art event centre that will offer 120,000 square metres of ground level exhibition space, a multi purpose entertainment arena and conference centre in its first phase.
Dubai Exhibition World will be surrounded by a supporting infrastructure that includes a range of international hotels, a low-rise office complex, trade hub and an extensive choice of retail and entertainment options.
Helal Saeed Al Marri, Director General, Dubai World Trade Centre, said: “Working with NBD Investment Bank to arrange financing for the development of these two major initiatives is an important strategic step for Dubai World Trade Centre. These twin projects will bring significant benefits to the UAE economy and to the community, and we are pleased and proud to have the experience and support of a respected provider like NBD Investment Bank.”
Shahzad Shahbaz, the CEO of NBD Investment Bank stated at the signing: “We are delighted to be associated with the Dubai World Trade Centre which has grown to be the premier exhibition and conference venue in the region since its inception in 1979. We look forward to the continued growth of our partnership with such an integral and strategic part of the Dubai economy.”
