Dubai's ICD Said to Seek $1.1 Billion for Atlantis, Office Tower
- Co. seeking $700 million loan to build a new Atlantis resort
- ICD-Brookfield JV seeking 1.6 billion dirhams for DIFC tower
Investment Corporation of Dubai, the emirate’s main state-owned holding company, is talking to banks to raise about $1.1 billion in loans to fund the construction of a resort and an office tower, according to three people with knowledge of the plan.
ICD, as the company is known, is seeking a $700 million, 10-year loan to build a new Atlantis resort on Dubai’s man-made Palm Jumeirah island, according to two people with knowledge of the deal, who asked not to be identified because the information is not yet public. A joint venture of ICD and Brookfield Property Partners LP is also seeking a seven-year 1.6 billion dirham ($436 million) facility to fund the construction of the tower in the Dubai International Financial Centre, three people said.