Abyaar secures $46mn loan for Olgana Tower project
Kuwait’s Abyaar Real Estate Development Company has secured a financing offer from UAE banks that would allow it to complete construction of its Olgana Tower project in Dubai.
The real estate funding is worth a total of AED 170mn ($46mn) of which AED 110mn will go towards the tower, Abyaar said in a statement to the Kuwait Stock Exchange (KSE).
Abyaar will notify the Kuwait Bourse once the contract for the financing has been signed.
“The Company seeks to complete all the concrete work of the project at the end of the third quarter for the current year with an intent to have the construction of the building completed within the deadline, in the second quarter of 2017,” said Executive Vice President of Abyaar, Mohammed Jassim Al-Houli.
Olgana is a 43-storey residential tower located within Acacia Avenues project in the Al Sufouh area of Dubai’s Jumeirah neighbourhood close to public beaches. Construction work has reached the 26th floor.
