Abu Dhabi Financial Group (ADFG) subsidiary Integrated Alternative Finance has arranged financing for the Balqis Residences on Dubais Palm Jumeirah.
Kuwaits IFA Hotels & Resorts is developing the 1,478,000 square feet of mixed-use residential and serviced apartment complex, comprising 34 villas, two town houses, two penthouses and 351 apartments.
Completion is now expected in early 2017. Work started on the project in 2006.
Balqis Residences, worth around $600m according to MEED Projects, is phase one of IFAs planned 1.5 million square foot Kingdom of Sheba development on the Palm Crescent.
Dubais Investbridge Capital and US/UK Hogan Lovells advised IFA. The UKs Allen & Overy advised the lenders.