Dubai-based Skai Holdings said it has secured a Dh737.6 million ($201 million) funding from Industrial and Commercial Bank of China (ICBC) for its upcoming Viceroy Dubai Palm Jumeirah project.

The Dh3.75 billion luxury residential and hospitality project will offer its guests 479 spacious rooms and suites and 222 signature Viceroy Residences with breathtaking views of the Arabian Sea.

The main structural works of the Viceroy Dubai Palm Jumeirah project are currently underway and ahead of schedule. It is slated for completion in 2016.

The financing agreement, which further reaffirms Skai Holdings' commitment to the UAE’s hospitality sector, was arranged by the top Chinese bank, marking its first project financing deal for a hospitality project in the Middle East.

"It is a pleasure to announce such an important step for the real estate sector and that total construction funds for a project of this calibre have been fully secured at such an early stage of development," said Khalid Obaid Al Mutaiwei, the senior director of the Real Estate Development Trust Account Department at Rera.

"This is a practice which is encouraged and supported by Rera and is a clear mark of Dubai’s real estate sector reaching maturity and a reassuring sign to off-plan investors and buyers in the emirate. We would also like to thank the developer for its exerted efforts to comply fully with real estate regulations," he added.

Zhou Xiaodong, the CEO of ICBC Middle East, said: "This is the first time ICBC is able to fully participate and facilitate the financing of a hospitality and residential development project in the region. We believe this opportunity is an ideal step for ICBC to enter into Dubai's growing Real Estate Industry."

Viceroy Dubai Palm Jumeirah will feature services and amenities created especially for the diverse group of business and leisure guests expected to frequent the hotel and residences. A beach club and a 100 metre-long pool will also be complemented by children’s clubs, entertainment and sporting activities.-TradeArabia News Service