Dentons, a leading global law firm, played a key role in helping UAE developer Sunrise Properties to get Dh515 million ($140 million) financing for its luxury Kempinski hotel project in Dubai.

The syndicated loan - a combination of conventional and Islamic facilities - represented another landmark development in the ever-growing hospitality sector in Dubai, said a statement from Dentons.

The financing, which had been secured from two Gulf-based banks, would be used for the development of Emerald Palace Kempinski Hotel coming up at Palm Jumeirah, Dubai, it stated.

The Dentons team was led by Qasim Aslam, partner and head of Islamic Finance in the Middle East, with assistance from associates Joe Carroll, Ahmed Choudhry, Atif Choudhary and Mona Hammadi, all based in Dubai.

On the transaction, Aslam said: "It is a privilege to have advised the funders on this transaction. The hospitality sector in Dubai sets a high standard and it is fantastic to see its continued ability to attract quality regional and international hotel brands."

"One should of course recognise the role that local banks have in the development of a sector which has been a tremendous success for Dubai," he added.-TradeArabia News Service