Five Holdings repays $300mn financing that helped build Dubai hotels

Dubai-based Five Holdings announced that it has successfully paid off Dh1.1billion (US $300million) syndicated finance package 13 months ahead of schedule. 

The international syndicate for the dual Islamic and conventional financing was used to support the construction of its Five Palm Jumeirah and Five Jumeirah Village Dubai projects. The syndicated financing was backed by seven financial institutions, including Abu Dhabi Islamic Bank, a leading financial institution in the MENA region.

“FIVE Holdings’ ability to repay our syndicated finance package early is a result of our strong cash flows and growing confidence in our flagship property, FIVE Palm Jumeirah Dubai,” said Kabir Mulchandani, group chairman and CEO, FIVE Holdings.

Dubai-based Five Holdings has launched a legal case against Viceroy Hotels in Los Angeles after estimates that it may have lost more than US $100 million in contracts because of 'alleged' interference, according to a Bloomberg report. However, Viceroy has denied allegations of new lawsuit by Five Holdings.