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Dubai’s master-developer Nakheel has secured 17 billion UAE dirhams ($4.6 billion) in financing from three local lenders as it looks to push ahead with the development of new projects, including Dubai Islands.
The loan facility includes refinancing of 11 billion UAE dirhams, and additional funds of 6 billion UAE dirhams, the developer said in a statement to Zawya on Tuesday.
The financing was secured through a syndicate of three banks, Mashreq Bank, Dubai Islamic Bank and Emirates NBD.
Dubai has seen property sales zoom in recent months as investors and ultra-high-net-worth individuals (UHNWI) flocked to the city which saw quicker economic rebound from the pandemic restrictions than most other cities across the world.
Regulatory reforms, including the issuance of long-term visas, is expected to push the demand for luxury housing among rich investors, including Russians fleeing mobilisation and Chinese who are looking to dodge Covid restrictions.
(Reporting by Brinda Darasha; editing by Seban Scaria)
