Dubai's SKAI closes $300M finance package for its projects

Dubai based real estate group SKAI has completed a $300M syndicated finance package to support the construction of its Viceroy Dubai Palm Jumeirah and Viceroy Dubai Jumeirah Village projects, reports Construction Week Online.

The international syndicate for the dual Islamic and conventional facility is backed by seven financial institutions, including Abu Dhabi Islamic Bank, and three of the world’s largest banks; Industrial and Commercial Bank of China, the world’s largest lender by assets and market capitalisation; Agricultural Bank of China; and Bank of China. China Minsheng Banking Corp, China’s largest privately-owned bank; Invest Bank and Arab African International Bank also backed the transaction.

“This transaction received $585M (AED2.2 bln) in subscriptions, representing an overwhelming interest from some of the world’s foremost financial institutions. The syndication also demonstrates a firm commitment to Dubai’s growing hospitality sector. Construction work on our flagship project, Viceroy Dubai Palm Jumeirah, is progressing well and is currently six-months ahead of schedule, setting it on track for completion in the second half of 2016,” said Kabir Mulchandani, group CEO of SKAI.

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Arif Usmani, Global Head of Wholesale Banking Group, ADIB, said: “We are pleased to have played a leading role in this unique transaction which is testament to our appetite to continue supporting our clients through innovative deal structures that match their financial needs. The transaction also highlights the strengths of the hospitality sector in Dubai and the UAE."

China State has reportedly completed 75 percent of the Viceroy Dubai Palm Jumeirah and 15 percent of the Viceroy Dubai Jumeirah Village, putting them on track for opening in 2016 and 2017, respectively.

Yu Tao President and CEO of CSCEC ME said: “These projects are landmark projects for the China State team in the Middle East and reaffirm our commitment to Dubai’s growing tourism and hospitality sector. With the structural work on the Viceroy Dubai Palm Jumeirah nearly two thirds complete and work well underway on the Viceroy Dubai Jumeirah Village, work is progressing on schedule.”