Dubai

Dubai’s Sunrise raises $140m to fund luxury hotel project

Dubai’s Sunrise raises $140m to fund luxury hotel project

13 October, 2015

ARABIAN BUSINESS

Sunrise Properties has secured a AED515 million ($140.2 million) Islamic loan for the development of a luxury hotel project, it was announced on Tuesday. Emirates NBD, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel project on Dubai’s Palm Jumeirah. Nver Mkhitaryan, the promoter of EPG Hotels & Resorts and Sunrise Properties Limited, said the project financing showed the banks’ confidence in Dubai’s tourism market.

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