Dubai Banks Sign Dhs900m Loan For Burj Al Saram Towers

Emirates NBD and First Gulf Bank have signed a Dhs900 million loan facility to fund the development of a three-tower real estate project in Dubai, it was announced on Monday.

The development, Burj Al Saram Towers, will be located just off Sheikh Zayed Road and consist of commercial and residential towers as well as the Sheraton Dubai Tower Hotel.

The funding will be provided to the developer, Abdulsalam Al Rafi Group, with the initial two towers expected to be completed in September. The hotel’s opening date is scheduled for March next year.

“Burj Al Salam Towers is an important development for Abdulsalam Al Rafi Group. The project is set to become another landmark on Dubai’s property scene and add to the group’s existing portfolio of properties in Dubai,” said Abdulsalam Al Rafi, group chairman of Abdulsalam Al Rafi Group.

“We are pleased to be working with Emirates NBD and First Gulf Bank, which have been key partners in this development.”

The announcement is the latest in a string of new developments set to transform the landscape of Dubai.

Real estate company Damac is launching its Akoya project, billed as ‘the biggest golf community in the world’ – also to be located off Sheikh Zayed Road – while Emaar and Dubai Holding are leading the development of the Mohammed bin Rashid City project.