Abu Dhabi: Five Holdings Limited, a Dubai-based the real estate development and hospitality group, has repaid its Dh1.1 billion ($300 million) syndicated finance package 13 months ahead of schedule, the firm announced on Tuesday.
The international syndicate for the dual Islamic and conventional financing was used to support the construction of its Five Palm Jumeirah and Five Jumeirah Village Dubai projects.
Five Palm Jumeirah opened its doors in March 2017 while Five Jumeirah Village Dubai will open in the fourth quarter of 2018.
The syndicated financing was backed by seven financial institutions, including Abu Dhabi Islamic Bank, Industrial and Commercial Bank of China, Agricultural Bank of China and Bank of China among others.
