Dubai: 'ICD in talks to fund new Atlantis hotel'by Ashleigh McGinley on Feb 28, 2016
State-owned Investment Corporation of Dubai (ICD) is in talks with banks in a bid to raise around $1.1bn in loans to build two major projects in the emirate, Bloomberg reported.
Bloomberg, which cited three people with knowledge of the plan, said ICD is seeking a $700m loan over 10 years to fund the construction of a second Atlantis resort on the Palm Jumeirah.
Master developer Nakheel has already signed building contracts with Ssanyong Engineering & Construction, China State Construction Engineering Corporation and Six Construct for the Royal Atlantis Resort and Residences.
A joint venture between ICD and Brookfield Property Partners is also in talks over a seven-year $436m loan to build a new tower at Dubai International Financial Centre.
Work on the $1bn ICD Brookfield Place tower began in January, with a completion date expected in 2018.
Emirates NBD, Dubai Islamic Bank and Abu Dhabi Commercial Bank (ADCB) are among the lenders arranging the Atlantis loan, according to Bloomberg, as cited by Arabian Business.
- Qatar to release construction code update in 2018
- Egypt's Arab Contractors to build $439m projects
- Saudi-Canadian PPP to build $133m hospital
- India's L&T awarded 400kV Oman Electricity deal
- FRHI to open four new hotels in ME over next year
- Top 10 GCC job trends and forecasts for 2016
- Kuwait's Action Hotels open second Australia hotel
- Dubai: 'ICD in talks to fund new Atlantis hotel'
- Sharjah approves five pedestrian bridges' designs
- UAE's Empower cancels IPO plans amidst oil turmoil