UAE's Sunrise secures US$ 140 mn funding for Emerald Palace Kempinski Hotel in Dubai, UAE

Posted on 15th October 2015

UAE-based Sunrise Properties said it has secured a Dh515 million ($140 million) syndicated loan from two Gulf-based banks for the development of its luxury project Emerald Palace Kempinski Hotel coming up at Palm Jumeirah, Dubai.

A company incorporated in the Jebel Ali Free Zone and part of EPG Hotels & Resorts, Sunrise said the murabaha finance agreement was fully-subscribed by the financiers - Qatari lender Doha Bank and Emirates NBD.

Emirates NBD Capital Limited was the sole mandated lead arranger and bookrunner of the financing.

Nver Mkhitaryan, the promoter of EPG Hotels & Resorts and Sunrise Properties, said this project financing reflects the confidence of banking partners in its competitive strength as a reputed developer and in Dubai’s robust tourism and hospitality market, according to Tradearabia news report.

"This is the second major project being developed by the group after completing the currently operational Kempinski Residences & Hotel Apartments," he stated.

"Our goal is to become a key player in the Dubai’s hospitality industry and we will be launching other hospitality projects in the emirate very soon," he added.

Mahdi Kazim, the general manager (Large Corporate) at Emirates NBD said: "We have arranged and financed numerous landmark development financings in Dubai and UAE. This financing will add a key hospitality asset to our portfolio."

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