Joint Venturers in $275 Million Dubai Construction Financing

Cleary Gottlieb represented joint venture partners Istithmar PJSC and Kerzner International Limited in the origination of a $275 million second lien construction loan for the development of an entertainment resort project in Dubai, United Arab Emirates. The project will include a five-star hotel (Atlantis, The Palm) and an aquatic theme park to be constructed on The Palm, Jumeirah, a manmade island off Dubai’s coast.

Istithmar is a major private investment fund based in the U.A.E. focusing on private equity, real estate and alternative investments. Kerzner International is a leading international developer and operator of destination resorts, luxury hotels and gaming properties, and is listed on the New York Stock Exchange.