Kuwait bank provides $40m for Omniyat's Dubai twin towers
Burgan Bank's $40m facility will be used as construction finance for The Sterling, Omniyat's project in Burj Khalifa District
A Kuwaiti bank has provided $40m (AED147m) to developer Omniyat for its twin-tower project in Dubai.
Burgan Bank's facility will help to fund the construction of The Sterling, situated in Burj Khalifa District.
Construction work is under way for the development, which comprises two towers, named The East House and The West House.
Two retail spaces will be developed alongside 385 residential units as part of the project.
Burgan Bank provided the amount through its subsidiary in Dubai International Financial Centre (DIFC).
Commenting on the funds, Raed Al-Haqhah, deputy chief executive officer of Burgan Bank – Kuwait, said: "As a representative office for Burgan Bank Kuwait in DIFC, Burgan Bank Financial Services Limited continues to pin down successful deals and partners with renowned corporates to cater for their financial needs at every stage of their business cycle.
"It is exciting to be part of a venture that will contribute to our neighboring partner’s growth and help conceptualise a future vision."
Mark Phoenix, managing director at Omniyat, added: "This is a key milestone in The Sterling by Omniyat's journey.
"This deal is the first step to making The Sterling yet another outstanding landmark on Dubai's skyline, featuring intelligent architecture."