ICD seeking $1billion-plus loan for real estate

|By Arabian Post Staff| Investment Corporation of Dubai is seeking to raise over a billion dollars for its real estate projects, people familiar with the move have been reported as saying. The banks being approached apparently include Emirates NBD, Dubai Islamic Bank and Abu Dhabi Commercial Bank.

The projects are said to include a new Atlantis resort Palm Jumeirah island and a new tower at the DIFC. According to reports, ICD, which acquired the Atlantis from Dubai World two years ago, and Kerzner International Holdings Ltd., an Atlantis partner, will spend $1.4 billion on the proposed Royal Atlantis Resort and Residences. The development will comprise nearly 800 guest rooms and 250 luxury residences

Similarly, ICD, along with its joint venture partner Brookfield, will build a commercial tower in the DIFC at a cost of about 1 billion dollars, which will be shared between the two partners.