The Al Futtaim Group, a leading UAE business house and developer of Dubai Festival City has signed a $130 million 12-year facility agreement to part finance the construction of its flagship residential tower for the all-encompassing destination’s recently-announced Dh6 billion ($1.63 billion) Marsa Al Khor (Harbour of the Creek) neighbourhood.

The deal, signed with National Bank of Abu Dhabi (NBAD), the UAE's largest bank, is to part finance the 500 apartment centrepiece residence, which will be completed in the last quarter of this year.
The stylish hi-rise apartments will make up the InterContinental Residences, available on annual leases and giving tenants access to the 424 room InterContinental Dubai Festival City and the destination’s world-class leisure, retail and entertainment facilities.
The masterplan for the proposed 245,000 sq m Marsa Al Khor community is designed to capture the spirit and atmosphere of some of the world's finest waterfront lifestyle destinations such as Cape Town’s Waterfront and Sydney Harbour.
Creating an integrated corniche community for up to 14,000 people, Marsa Al Khor will have breathtaking hi-rise towers, stylish Creekside offices, a Central Park, exclusive waterfront homes, state-of-the-art offices and an array of chic cafes and restaurants.
DFC is considered to be the Middle East's largest, privately-funded, mixed-use development.
Meanwhile, the announcement of the operator of the 300-room lifestyle hotel which will front Marsa Al Khor's centrepiece quay is expected later in this month.