Investment Corp. of Dubai Said to Seek $500 Million Loan
State-owned Investment Corp. of Dubai is reportedly raising a $500 million loan. The facility will be provided by Emirates NBD and Dubai Islamic Bank. The money will fund the expansion of its Atlantis, The Palm resort in Dubai. ICD and Kerzner International Holdings, a developer and operator of destination resorts and luxury hotels, plan to spend $1.4 billion to build The Royal Atlantis Resort and Residences. The development on Dubai’s man-made island will add nearly 800 guest rooms and 250 luxury residences. ICD acquired Atlantis, The Palm from Dubai World in December 2013.
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