Dubai-based developer Omniyat has signed a deal for Islamic financing facilities of AED 445m with Al Hilal Bank.
The facilities were structured to meet Omniyat’s financing objectives, with particular focus on its One Palm project, a high-end residential development located on the Palm Jumeirah, Dubai.
The news follows September’s announcement of One Palm selling the most expensive penthouse in Dubai for AED 102 million.
Mahdi Amjad, CEO and executive chairman of Omniyat, said: “Securing these facilities for AED 445 million emphasize the progress Omniyat has made across its project portfolio and the plans ahead as we lead into the completion and handing over of our Opus and Pad projects this year and the One Palm project next year.”
Alex Coelho, CEO of Al Hilal Bank, said: “Omniyat’s is distinguished by its unique projects and their huge potential in the sectors of housing, business and retail. We at Al Hilal Bank are please to contribute to the One Palm project.”
Established in 2005, Omniyat has a strong track record in delivering high quality projects, with a development portfolio of over $6.2 billion.
Due for completion in 2018, One Palm has worked with the best designers in the world to create a truly unique project. Each residence will be a statement of personal taste with owners able to choose their interior and finishes from two of the world’s most esteemed designers to match their individual style.