Built to inform

Sign up for the daily newsletters

No, Thank you

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

Royal Atlantis Resort and Residences.
Royal Atlantis Resort and Residences.

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

 

Most popular

Awards

Construction industry conversations around digitisation must evolve
The Middle East construction industry’s approach to tech must evolve and focus on how can

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 754
Nov 23, 2019