DAMAC International was able to provide the necessary liquidity to complete the Damac Tower Nine Elms project - London after receiving a loan in the amount of 175 million pounds.
The value of the loan was obtained from three banks: Barclays Bank, Burgan Bank and Emirates NBD.
According to Al Bayan, DAMAC will bear other costs in the project in addition to the loan amount.
Hussein Sajwani, Chairman of Damac, said: “Our success in providing a loan to support the completion of the project for the distinguished residential tower in the British capital, London, is clear evidence of confidence that It is still enjoyed by both the UK economy and DAMAC.
He added: Damac Tower in London is receiving strong interest from clients, who are looking for luxury properties in one of the most desirable residential areas in the world. This success of the project encouraged us to search for other investment opportunities in London, which we are currently discussing in detail.
The completion of the loan deal is evidence of the success achieved by DAMAC after it was able to sell about 55% of the units on the map in a European market that goes through several challenges, and it also proves Banks are confident that DAMAC can generate financial returns in new locations and markets.
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