By Staff writer
State-owned holding company arranging $1.1bn in loans for two major Dubai projects
State-owned Investment Corporation of Dubai (ICD) is talking to banks to raise around $1.1 billion in loans to build two major projects in the emirate, Bloomberg has reported.
The newswire, which cited three people with knowledge of the plan, said that ICD is seeking a $700 million, 10-year loan to fund the construction of a second Atlantis resort on the Palm Jumeirah.
Announced at the beginning of February, the Royal Atlantis Resort and Residences is expected to take two years to complete. Master developer Nakheel has already signed building contracts with Ssanyong Engineering & Construction, China State Construction Engineering Corporation and Six Construct.
Meanwhile, a joint venture between ICD and Brookfield Property Partners is also in talks over a seven-year $436 million loan to build a tower in the Dubai International Financial Centre.
Work on the $1 billion ICD Brookfield Place tower began in January and the 53-storey tower is expected to be finished in 2018.
Bloomberg reported that Emirates NBD, Dubai Islamic Bank and Abu Dhabi Commercial Bank (ADCB) were among the lenders arranging the Atlantis loan.