• Investment Corporation of Dubai to finance $1.4bn Atlantis resort expansion through $500m loan
  • Local Emirates NBD and Dubai Islamic Bank reported to be lenders

The state-owned Investment Corporation of Dubai (ICD) is raising $500m to finance the estimated $1.4bn expansion of the Atlantis resort on Dubai’s Palm Jumeirah, according to Bloomberg.

It is reported that local Emirates NBD and Dubai Islamic Bank will extend the loans.

ICD owns stakes in both banks.

Construction firms have just submitted revised offers for a contract to build the hotel.

Known as the Royal Atlantis Resort and Residences, the hotel building will be built next to the existing Atlantis hotel, which opened in 2008 on the crescent of the Palm Jumeirah. The new 800-room, 46-storey hotel will be managed by Bahamas-based luxury hotel developer and operator Kerzner International. The development will also include 250 luxury residences, as well as retail outlets. The property is scheduled for completion by 2017.

ICD also owns a stake in Kerzner International.