The developed company for a palm -shaped island off the coast of Dubai said that the financing came from a group that includes three local banks, Emirates NBD, Al -Mashreq Bank and Dubai Islamic Bank. Refinancing of 11 billion dirhams and additional finance from the bank group totaling 6 billion dirhams are included in the arrangement.
The government, owned by the government, intends to lengthen other industrial islands within the Dubai Islands project, which was previously known as the Deira Islands, including five islands with a college area of 17 square kilometers.
According to a palm official, these transactions strengthen the company’s financial centre and demonstrate the banks’ faith in its new strategic direction.
The Russians were among the five largest investor groups in Dubai’s real estate market during the first half of this year, which profited from the flow of money from the western sanctions against Russia.
According to a survey by The Real Estate Consulting Company, the number of residential real estate transactions increased by 60% in the first half while the value of the houses sold increased by 85%.
Early last year, when Dubai lifted the limits on combating the Corona pandemic faster than most cities in the world, the real estate market there started to rebound from the abrupt slowdown in 2020. Buyers flocked to luxury units.
Banks in the area provide $4.6 billion in finance for “Nakheel Real Estate.”
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