29 January 2014
China’s largest bank has agreed $201m of financing for the $1bn Viceroy Dubai Palm Jumeirah project.
The announcement was made by SKAI Holdings, a Dubai-based property investment firm and developer of the project.
The deal is the first Middle East hospitality project financed by China’s largest lender, the Industrial and Commercial Bank of China (ICBC).
"We believe this opportunity is an ideal step for ICBC to enter into Dubai’s growing Real Estate Industry," CEO of ICBC Middle East, Zhou Xiaodong, told ArabianBusiness.com.
Last year, SKAI Holdings announced that China State Construction Engineering Corporation (CSCEC) will invest an undisclosed amount in the project.
Viceroy hotel on the Palm Jumeirah in Dubai
Together with SKAI, CSCEC set up a new entity, known as ASSAS, to manage the investment.
"We are thrilled to be partnering with SKAI Holdings to develop this exciting new project, which we believe will become one of the region’s most sought-after resorts," said president and CEO of CSCEC Middle East, Yu Tao last year.
Mr Tao added: "This is CSCEC’s first investment in a development project in the Middle East and marks a significant milestone in our growth in the region."
SKAI Holdings announced the $1bn hotel and furnished residences project on the Palm Jumeirah last year.
Construction on the property has already begun and the hotel is scheduled to open in the last quarter of 2016.