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Dubai’s Atlantis, The Palm to refinance USD880m loan

22 Aug 2014

(MENAFN) Dubai’s iconic island resort, Atlantis The Palm, is looking to refinance a USD880 million loan it signed in September 2013, Arabian Business reported.

The five-year loan was given by seven local and international banks: Barclays, HSBC, Abu Dhabi Commercial Bank, National Bank of Abu Dhabi, Commercial Bank of Dubai, Union National Bank and Emirates NBD.

Investment Corporation of Dubai (ICD), which acquired the resort in December 2013 for an undisclosed amount, also has holdings in some of the UAE’s most high profile brands including Emirates airline, Emaar Properties and lender Emirates NBD.

The Palm opened in 2008 as a joint venture between Kerzner International Holdings and UAE holding company Istithmar but Kerzner took full control of the company in 2012.

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