UAE Resort Project Secures Major Funding
A significant milestone has been reached for a major resort development planned for Al Marjan Island in the United Arab Emirates. A substantial $2.4 billion construction loan has been secured, paving the way for the ambitious project to move forward.
The financing, arranged through a consortium of international banks, will support the construction of the integrated resort, which includes a casino. The seven-year loan is structured as a delayed draw facility, providing financial flexibility throughout the construction process.
Key Financial Players
Several prominent financial institutions are backing the project, including:
- Abu Dhabi Commercial Bank PJSC
- Deutsche Bank AG
- Emirates NBD Capital Limited
- First Abu Dhabi Bank PJSC
- The National Bank of Ras Al Khaimah
- Sumitomo Mitsui Banking Corporation
Luxury Resort Taking Shape
The resort, with a total estimated cost of $5.1 billion, aims to set a new standard for luxury hospitality in the region. Upon completion, it will feature:
- 1,542 rooms and suites
- Approximately two dozen restaurants and bars
- Nightclub and beach club
- Shopping center
- Spa and salon
- Extensive meeting and event space
- Large beachside pool area
Construction is progressing rapidly, with a significant portion of the structural concrete already in place. The main resort tower is steadily rising, with construction teams focused on completing approximately one floor per week, targeting a structural completion by late 2025.
Construction Milestones
Currently, the main resort tower has reached the 34th floor, and the elevator cores extend to the 36th floor.
Legal Settlement Approved
In related news, a settlement has been reached and approved in a securities fraud class action lawsuit. The lawsuit, involving allegations of misconduct against a former executive, has been resolved with a $70 million settlement.
The settlement addresses claims that the company made misleading statements to shareholders regarding the allegations. With the court’s approval, the company is looking to move forward, focusing on strengthening its governance and ethical standards.
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