Dubai Developer Secures $40m Financing For New Hotel Fit-out

Ultra-luxury developer Omniyat has announced that it has secured a financing of AED150 million ($40.8 million) from Mashreq Bank for the fit-out of a hotel in The Opus by Zaha Hadid in Downtown Dubai.

The facility will be used for completing the fit-out ofthe landmark hotel to be operated by the lifestyle hotel brand ME by Meliá.

Located in Business Bay, the buildings are made up of two glass towers connected by a ground-floor podium and a glass and steel bridge, and includes over 56,000 square metres of office space, a club, several restaurants and the hotel.

Mahdi Amjad, chairman and CEO at Omniyat, said: "Bringing Zaha Hadid’s ground breaking vision of the future to life has been a momentous journey and we wish to continue herlegacy through The Opus.

"As the final and most anticipated component of The Opus, we are thrilled to be revealing ME Dubai’s Debut by the end of the year look forward to guests experiencing the full capacity of the architectural wonder as it captures design aspirations from every corner."

Enrique Ortiz, EMEA region VP at Meliá Hotels International, added: “Designed by late architect Zaha Hadid, ME Dubai will be a true legacy project when the property launches. We are honoured to work in partnership with her team and Omniyat and we are very much looking forward to ME by Meliá’s first debut in the Middle East offering guests an unparalleled experience combined with exemplary design.”

Ahmed Abdelaal, head of Corporate & Investment Banking Group at Mashreq, added: “As the UAE’s oldest bank Mashreq has played a pivotal role in helping shape the skyline of Dubai and we are delighted to be associated with a building whose unique design challenges established convention."

Established in 2005, Omniyat said it has a development portfolio of over AED16 billion.