Sunrise Properties has secured a 515 million dirham (US$140 million) Islamic loan for the development of a luxury hotel project, banking group Emirates NBD, the main arranger of the deal, said.
Emirates NBD and Doha Bank are providing the money to finance the Emerald Palace Kempinski Hotel project on Dubai?s Palm Jumeirah group of islands, Reuters reported.
The deal was done as a murabaha, a cost-plus-profit arrangement which is one of the most popular formats for structuring Islamic loans. The tenure and margin on the loan were not disclosed.
Loan secured for Emerald Palace Kempinski, Dubai
