Omniyat turns to Kuwait’s Burgan Bank for $40mn facility for Dubai project
Financing will help ensure the timely delivery of The Sterling twin tower project’s future residences
Omniyat, the Dubai-based luxury property developer, has said that it has secured construction finance from Burgan Bank for its twin tower project, The Sterling, which is located in Dubai’s Burj Khalifa District.
The Kuwaiti bank, facilitated by its subsidiary in the Dubai International Financial Centre (DIFC) provided a facility of $40 million to Omniyat, the developer said in a statement. It added that with construction already underway, the financing will help ensure the timely delivery of the project to its future residents.
The Sterling will consist of two towers – the East House and the West House – and will offer 385 luxury residential units, which will include penthouses, apartment residences and townhouses. The project will also contain 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. 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,” said Mark Phoenix, managing director at Omniyat.
Situated a 10-minute drive away from destinations like Dubai Mall and Dubai Design District, the Sterling is centrally located, Phoenix pointed out, adding that DIFC and Dubai World Trade Centre were also close by.
“As a representative office for Burgan Bank Kuwait in the DIFC, Burgan Bank Financial Services Limited continues to pin down successful deals and partners with renowned corporates to cater for their financial needs at every stage of their business cycle,” said Raed Al-Haqhaq, deputy CEO of Burgan Bank – Kuwait.
“It is exciting to be part of a venture that will contribute to our neighbouring partner’s growth and help conceptualise a future vision.”
