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SKAI Closes AED1.1BN Syndicated Finance Package With Leading Chinese And Regional Banks
(1 September 2015)

 

SKAI, the Dubai-based real estate and hospitality group, has successfully completed a AED1.1bn (US$300m) syndicated finance package to support the construction of its Viceroy Dubai Palm Jumeirah and Viceroy Dubai Jumeirah Village projects.

The international syndicate for the dual Islamic and conventional facility is backed by seven financial institutions, including Abu Dhabi Islamic Bank, and three of the world's largest banks, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China. China Minsheng Banking Corp, China's largest privately-owned bank, Invest Bank and Arab African International Bank also backed the transaction.

"This transaction received AED2.2bn in subscriptions, representing an overwhelming interest from some of the world's foremost financial institutions. The syndication also demonstrates a firm commitment to Dubai's growing hospitality sector. Construction work on our flagship project, Viceroy Dubai Palm Jumeirah, is progressing well and is currently six-months ahead of schedule, setting it on track for completion in the second half of 2016," said Kabir Mulchandani, Group CEO of SKAI.

The syndication marks another example of China's growing interest in the UAE. Chinese and UAE trade reached a record US$47.6bn in 2014 and the state is home to more than 4,000 Chinese companies, including four of China's largest banks.

Arif Usmani, Global Head of Wholesale Banking Group, ADIB, said, "We are pleased to have played a leading role in this unique transaction which is testament to our appetite to continue supporting our clients through innovative deal structures that match their financial needs. The transaction also highlights the strengths of the hospitality
sector in Dubai and the UAE.

"We remain confident about Dubai's hospitality sector, which is backed by significant fundamentals such as Expo 2020, a growing population and continued investment in the key infrastructure," said Zhang Junguo, Deputy General Manager, ICBC Dubai, DIFC Branch. China State has completed 75 percent of the Viceroy Dubai Palm Jumeirah and 15 percent of the Viceroy Dubai Jumeirah Village, putting them on track for opening in 2016 and 2017, respectively.

Yu Tao, President and CEO of CSCEC ME, said, "These projects are landmark projects for the China State team in the Middle East and reaffirm our commitment to Dubai's growing tourism and hospitality sector. With the structural work on the Viceroy Dubai Palm Jumeirah nearly two thirds complete and work well underway on the Viceroy Dubai Jumeirah Village, work is progressing on schedule."
 

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