Dubai's Sunrise Properties raises $140 mln in Islamic loan deal
Sunrise Properties has secured a 515 million dirham ($140.22 million) Islamic loan for the development of a luxury hotel project, banking group Emirates NBD, the main arranger of the deal, said. Emirates NBD, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel project on Dubai's Palm Jumeirha group of islands. The tenure and margin on the murabaha-structured loan were not disclosed. Bank lending to real estate sector remains buoyant, with credit to the construction and real estate sector totalling 216.2 billion dirhams in the second quarter of this year from 210.6 billion dirhams in the year ago period.
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