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Skai Holdings gets Dh737.6m for Viceroy
Skai Holdings, the Dubai-based real estate investment company, on Monday announced that it had secured Dh737.6 million of financing for its Dh3.75 billion Viceroy Dubai Palm Jumeirah, ensuring the project is fully funded.
The financing agreement, which further reaffirms Skai Holdings’ commitment to the UAE’s hospitality sector, was arranged by the Industrial and Commercial Bank of China (ICBC), China’s largest bank, marking its first project financing deal for a hospitality project in the Middle East.
“It is a pleasure to announce such an important step for the real estate sector and that total construction funds for a project of this calibre have been fully secured at such an early stage of development. This is a practice which is encouraged and supported by the Real Estate Regulatory Agency (Rera) and is a clear mark of Dubai’s real estate sector reaching maturity and a reassuring sign to off-plan investors and buyers in the emirate.
Compiled from staff reports and Reuters
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