Dubai-based developer Omniyat has signed a facility agreement with Ajman Bank for $136m (AED500m).
The financing will be used for the construction of its mixed-use project at Dubai Water Canal in Business Bay.
The project is a cooperative partnership between Omniyat, Saudi Arabia’s Rashed Al Rashed Group and Jenina Real Estate Development Company Ltd.
The total project cost is $365m (AED1.34bn), with a scheduled completion by 2020.
The project will consist of a luxury hotel, residences, and retail development with the official unveil and announcement due in Q1 2018.
Ajman Bank CEO Mohamed Amiri said: “Omniyat is known by its unique and high-end projects and extensive experience in the sectors of housing, hospitality, business and retail.”
Omniyat chairman and CEO Mahdi Amjad said: “We couldn't have asked for better partners than Al Rashed Group and Kanoo Group in this project - this new partnership will prove to be a defining moment for all parties involved.”
Omniyat MD Mark Phoenix, managing director of Omniyat said that construction has begun and that the company will soon announce the hospitality and lifestyle brand that will operate the space.
Omniyat has a development portfolio of more than $6.2bn (AED23bn).