Dubai-Mubasher: The Investment Corporation of Dubai (ICD), the main investment arm of Dubai government, is negotiating with some banks to raise about AED 4.04 billion ($1.1 billion) in loans to fund the construction of a resort and an office tower, Bloomberg reported on Friday.
The company is seeking a $700 million loan, with a maturity period of 10 years to build a new Atlantis resort on Palm Jumeirah Island.
A joint venture of ICD and Brookfield Property seeks a seven-year, AED 1.6 billion ($436 million) loan to fund the construction of the tower in the Dubai International Financial Centre.
Mubasher failed to get an official reply or a commentary on the loan.
