DUBAI, July 15 Two banks in the United Arab
Emirates have signed a 900 million dirham ($245 million) loan
facility to fund construction of a three-tower real estate
project adjacent to Dubai's main thoroughfare.
Dubai's real estate sector has been showing signs of
recovery in recent months, with prices rising and new projects
being announced. Prices had tumbled by more than 50 percent from
their 2008 peak at the height of the property boom.
Monday's statement from Dubai lender Emirates NBD
(ENBD) said that ENBD and Abu Dhabi's First Gulf Bank
had provided the funding to local developer Abdulsalam
Al Rafi Group to build Burj Al Salam Towers.
The three-tower development, sited alongside the six-lane
highway that runs through the heart of Dubai, would include
commercial and residential towers and a hotel to be managed by
Starwood Hotels under the Sheraton Dubai Tower Hotel
The first two towers would be completed in September, with
the hotel to be ready in March 2014, the statement added.
No terms for the financing were given in the statement,
except to say that the loan was split equally between the two