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Palm Jumeirah resort secures $201m funding from China

January 27, 2014

SKAI Holdings , the Dubai -based real estate investment firm, announced on Monday it had secured AED737.6m ( $201m ) of financing for its $1bn Viceroy Dubai Palm Jumeirah project from China's largest bank, Arabian Business reported. The funds will be provided by the Industrial and Commercial Bank of China (ICBC) and the conclusion of the deal marks the first Middle East hospitality project financed by China's largest lender. "This is the first time ICBC is able to fully participate and facilitate the financing of a hospitality and residential development project in the region. We believe this opportunity is an ideal step for ICBC to enter into Dubai's growing Real Estate Industry," said Zhou Xiaodong , CEO of ICBC Middle East. "Securing the final round of funding for the Viceroy Dubai Palm Jumeirah marks another key milestone in the construction of the project and further demonstrates our pledge to complete the project on time and to the highest standards," added Nabil Akiki, CEO, Real Estate Development of SKAI Holdings .; All Rights Reserved - Mubasher Info

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Source: Mubasher (Saudi Arabic)

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