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Mon 9 Apr 2018 02:02 PM

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Omniyat secures $40m financing for Dubai real estate project

Burgan Bank agrees funding for twin-tower Sterling development which will include 385 residential units

Omniyat secures $40m financing for Dubai real estate project
The luxury development will include 385 residential units, including penthouses, apartment residences and townhouses, as well as two retail spaces.

Dubai-based developer Omniyat has $40 million in construction financing from Kuwait’s Burgan Bank for its twin tower project, The Sterling.

Located in Dubai’s Burj Khalifa area, the Sterling will consist two towers – the East House and West House – and will offer views of the Burj Khalifa, Mohammed bin Rashid City and The Creek.

“This is a key milestone in The Sterling by Omniyat’s journey and we are delighted to be working with Burgan Bank,” said Mark Phoenix, managing director at Omniyat. “It’s vital to partner with companies that share our vision and ethos, and this deal is the first step to making The Sterling yet another outstanding landmark on Dubai’s skyline, featuring intelligent architecture and crafted interior design.”

The luxury development will include 385 residential units, including penthouses, apartment residences and townhouses, as well as two retail spaces.

“As a representative office for Burgan Bank Kuwait in the 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,” said Raed Al-Haqhaq, deputy CEO of Burgan Bank.

“It is exciting to be part of a venture that will contribute to our neighboring partner’s growth and help conceptualize a future vision.”

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