DUBAI 10 April 2018: Dubai-based developer Omniyat has secured construction finance from Burgan Bank for its twin tower project The Sterling.
The Kuwaiti bank, facilitated by its subsidiary in the Dubai International Financial Centre (DIFC), provided a facility of US$40 million (Dh147 million) to Omniyat. With the project’s construction phase already underway, the financing will ensure timely delivery of The Sterling to its future residents.
Situated conveniently in Dubai’s Burj Khalifa District, The Sterling will consist of two towers — The East House and The West House — and offer fantastic views of Burj Khalifa, Mohammed Bin Rashid City and The Creek. The luxury development will offer 385 residential units with a wide array of choice that includes elegant penthouses, apartment residences and exclusive townhouses. The project will also contain two retail spaces.
The Sterling’s location is just a 10-minute drive from popular locations such as The Dubai Mall and Dubai Design District, and is a short distance away from DIFC and Dubai World Trade Centre.
Mark Phoenix, Managing Director at Omniyat, said: “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.”
Raed Al-Haqhaq, Deputy CEO, Burgan Bank- Kuwait commented: “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. It is exciting to be part of a venture that will contribute to our neighboring partner’s growth and help conceptualize a future vision.”
Established in 1977, Burgan Bank is the youngest commercial bank and third largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail and private bank customer base.