Dubai: 'ICD in talks to fund new Atlantis hotel'
Investment Corporation of Dubai (ICD) is in talks with banks in a bid to raise around $1.1bn in loans to build two new major projects
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.