Dubai-based developer Omniyat on Wednesday said it has signed Islamic financing facilities of AED445 million ($121.1 million) with Al Hilal Bank.
The facilities were structured to meet Omniyat’s financing objectives, with particular focus on its One Palm project, a high-end residential development located on the Palm Jumeirah, Dubai, the company said in a statement.
The funding deal follows September’s announcement of One Palm selling the most expensive penthouse in Dubai for AED102 million. The project is scheduled for completion in 2018.
Mahdi Amjad, CEO and executive chairman of Omniyat, said: “Securing these facilities emphasise the progress Omniyat has made across its project portfolio and the plans ahead as we lead into the completion and handing over of our Opus and Pad projects this year and the One Palm project next year.”
Alex Coelho, CEO of Al Hilal Bank, added: “Omniyat’s is distinguished by its unique projects and their huge potential in the sectors of housing, business and retail. We at Al Hilal Bank are please to contribute to the One Palm project.”
Established in 2005, Omniyat has a development portfolio of more than $6.2 billion.