Dubai developer Omniyat has secured Islamic financing facilities with Al Hilal Bank worth Dhs445m ($121.1m).
The facilities will be used to finance projects including the One Palm (pictured) on Dubai’s Palm Jumeirah.
The company sold what was claimed to be Dubai’s most expensive penthouse at the project in September for Dhs102m ($27.7m).
One Palm will be completed next year.
“Securing these facilities for Dhs445m emphasise the progress Omniyat has made across its project portfolio and the plans ahead as we lead into the completion and handing over of our Opus and Pad projects this year and the One Palm project next year,” said CEO and executive chairman of Omniyat Mahdi Amjad.