Investment Corp of Dubai (ICD), the emirate’s sovereign wealth fund, is reportedly raising a $500 million loan to finance the expansion of Atlantis, The Palm resort in Dubai.
Bloomberg, citing two people with knowledge of the plan, reports that ICD will obtain the loan from a combination of Emirates NBD and Dubai Islamic Bank.
In a statement to Bloomberg, the company said: “ICD will support its subsidiary in raising the financing necessary for its expansion program through exploring all financing options available in the market as and when it is required.”
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ICD, in its expansion of the Atlantis The Palm, is developing Royal Atlantis Resort, which will consist of 800 rooms, suites and 250 luxurious hotel apartments, as well as recreational, entertainment and services facilities. It will cost approximately $1.5 billion to develop and will be operated by Kerzner International Resorts, which also owns Atlantis the Palm
ICD is also currently working with Kerzner International Holdings to construct an Atlantis resort in China.
The ultra-luxurious resort will span across an area of 60 hectares and is expected to be completed in 2016.
ICD purchased a significant stake - believed to be 46 percent - in Kerzner International earlier this year.
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