Dubai developer Omniyat has signed a $136 million (AED500m) financing facility agreement for the construction of a new mixed-use project at Dubai Water Canal in Business Bay.
The project, due to be officially unveiled in Q1 next year, will consist of a luxury hotel, residences and retail development.
The agreement, signed with Ajman Bank, will go towards the $365m (AED1.34bn) cost of the project, which is due for completion in 2020.
The project is a cooperative partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd, one of Saud Kanoo’s companies.
Omniyat said the project will be one of the biggest hospitality announcements Dubai has seen, preceding the opening of its ME Dubai at The Opus by Zaha Hadid later in the year.
Mark Phoenix, managing director of Omniyat, said: “Construction on site has already begun and we are preparing to announce the world-famous hospitality and lifestyle brand that will take up this space in the heart of the new Marasi development on Dubai Canal.”
Omniyat has a development portfolio of more than $6.2 billion (AED 23bn).
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