Deal Announcement: Over AED 1.7 billion financing of mixed use Abu Dhabi Corniche project

LAWFUEL – Law Firm Announcements – Clyde & Co has advised International Capital Trading (ICT), a major Abu Dhabi-based investment company, in relation to over AED 1.7 billion financing with four UAE based banks for the construction of a mixed used development on the Abu Dhabi Corniche.

The Dh3 billion Corniche project will be financed in part by Abu Dhabi Commercial Bank (ADCB), National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB) and National Bank of Dubai (NBD).

Abu Dhabi based corporate partner Niall O’Toole, assisted by associate Yves Delaey led the Clyde & Co team advising on the transaction.

The Corniche project, covering more than 3.1 million square feet, will encompass an extensive collection of luxury hospitality, luxury retail, Class A offices and residential components. The construction of the mixed-use development commenced in June and is scheduled to be completed by 2010.

Hamad Abdullah Al Shamsi, ICT’s chief executive officer, said of the transaction “The project has been supported by top financiers in the UAE banking community and will provide us with the necessary capital resources to develop further world class projects”. ICT is confident of the Corniche project becoming one of the most sought-after retail, commercial, luxury hotel and residential destinations in the region.

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Notes to editors:
Middle East: Clyde & Co is the largest international law firm in the GCC with over 90 lawyers and paralegals in offices in Dubai and Abu Dhabi in the UAE, and in Doha, Qatar.

The firm, which has been ranked as the top law firm in the UAE for the third successive year by the international legal directory ‘Legal 500’, is one of the few law firms in the region with a ‘full service’ capability and has particular strengths in aerospace, banking & finance, cross-border trade & investment, intellectual property, international arbitration, trade disputes, mergers & acquisitions, corporate & commercial law, shipping, insurance, media & telecommunications, energy, capital markets, real estate & construction, and technology.

International offices: Clyde & Co is a leading international law firm with over 1,100 employees worldwide. The firm has offices in Abu Dhabi, Caracas, Doha, Dubai, Guildford, Hong Kong, London, Los Angeles, Moscow, Nantes, New York, Paris, Piraeus, Rio De Janeiro, Shanghai and Singapore and associate offices in Belgrade and St Petersburg. The firm also has an exclusive co-operation agreement with a major law office in Iraq.

For further information about Clyde & Co in the Middle East please contact
Clinton Swan – Business Development & Marketing Manager (Middle East Region)
Clyde & Co
Tel: +971 4 312 8568

For further international information about Clyde & Co please contact
Lisa Mercer – Head of Communications, London
Clyde & Co
Tel: +44 (0)20 7648 1981

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