Investment Corporation of Dubai Gets $500 Million Loan to Expand Resort

Posted on 09/10/2015


The Investment Corporation of Dubai (ICD) has arranged financing to expand its real estate properties. ICD has arranged a financing facility that is being backed by Dubai’s largest lender Emirates NBD (merger of Emirates Bank and National Bank of Dubai) and Dubai Islamic Bank. The US$ 500 million loan will fund the expansion of Atlantis, The Palm resort in Dubai. ICD got a loan in June 2013, borrowing US$ 2.55 billion from both traditional and Islamic lenders to refinance debt.

In December 2013, ICD bought Atlantis, The Palm from Dubai World.

ICD and developer Kerzner International Holdings desire to spend US$ 1.4 billion to construct The Royal Atlantis Resort and Residences.

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