Dubai’s Omniyat secures $40m of financing for Sterling project

The firm said construction was already underway at the project

Dubai developer Omniyat has announced the securing of $40m of construction finance from Kuwait’s Burgan Bank for its twin tower The Sterling project.

The firm said construction was already underway at the project, located near the Dubai Canal, which comprises 385 units and two retail spaces.

“This is a key milestone in The Sterling by Omniyat’s journey and we are delighted to be working with Burgan Bank,” said Omniyat managing director Mark Phoenix.

“It’s vital to partner with companies that share our vision and ethos, and this deal is the first step to making The Sterling yet another outstanding landmark on Dubai’s skyline, featuring intelligent architecture and crafted interior design.”

Omniyat has gone to the banks for financing twice before in recent months.

In November it secured Islamic financing facilities with Al Hilal Bank worth Dhs445m ($121.1m) for projects including the One Palm on Dubai’s Palm Jumeirah.

Read: Dubai developer Omniyat secures $121.1m of financing

In December it also secured Dhs500m ($136m) of project financing for construction of a new Dhs1.34bn ($365m) Dorchester Collection hotel project.

Read: Dubai’s Omniyat signs hotel deal with Dorchester Collection