Local developer Omniyat has secured finance from Kuwait’s Burgan Bank for the construction of The Sterling development in Dubai.

Burgan Bank has provided a facility of $40m (AED147mn) to Omniyat for the project, which has already started construction. The local Sun Engineering is the contractor.

The twin towers are being built in the Burj Khalifa area and will have 385 apartments and two retail units.

Last year, Omniyat signed a AED500m financing agreement with Ajman Bank for the development of a mixed-use project at Dubai Water Canal in Business Bay.

Without naming the project, it said in a statement at the time that the total project cost is AED1.34bn and it will be launched during the first quarter of 2018, with completion scheduled for 2020.

This year, a joint venture of Australia’s Roberts Constructions and Italy’s Pizzarotti has started work on the construction of the Dorchester Collection project for local developer Omniyat in the Marasi district of Dubai’s Business Bay.

The project involves the construction of two connecting towers of about 25-30 storeys in height. The towers include hotel rooms, serviced apartments as well as food and beverage outlets, retail space and parking.

The UK’s Foster + Partners is the architect for the project.