(MENAFN) Dubai's Sunrise Properties has secured a USD140.2 million Islamic loan for the development of a luxury hotel project, the company announced.
Emirates NBD, joined by Doha Bank, are providing the money to finance the Emerald Palace Kempinski Hotel project on Dubai's Palm Jumeirah.
The promoter of EPG Hotels & Resorts and Sunrise Properties Limited said the project financing showed the banks' confidence in Dubai's tourism market.
"Our goal is to become a key player in the Dubai's hospitality industry and we will be launching other hospitality projects in Dubai very soon," he said.
The financing comes as Dubai's tourism sector continues to grow with the number of visitors rising 8.2 percent to 13.2 million in 2014.
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