Dubai’s Omniyat has successfully secured $40 million in financing for its Sterling project.

Dubai developer Omniyat has announced that it has secured $40 million in construction financing from Kuwait’s Burgan Bank for its twin tower project, The Sterling. The project, which is already under construction, is situated near the Dubai Canal and features a total of 385 residential units along with two retail spaces.

Mark Phoenix, managing director of Omniyat, expressed enthusiasm about this significant milestone, stating, “We are delighted to be working with Burgan Bank.” He emphasized the importance of collaborating with partners who share their vision and ethos, highlighting that this financing deal marks the first step toward establishing The Sterling as another iconic landmark on Dubai’s skyline, characterized by intelligent architecture and exquisite interior design.

This is not the first time Omniyat has sought financing, as the company has approached banks for funding twice in recent months. In November, Omniyat secured Islamic financing facilities worth AED 445 million ($121.1 million) from Al Hilal Bank to support several projects, including the luxury One Palm development on Dubai’s Palm Jumeirah. Additionally, in December, the developer obtained AED 500 million ($136 million) in project financing for the construction of a new AED 1.34 billion ($365 million) Dorchester Collection hotel project. Dubai developer Omniyat has successfully secured Islamic financing facilities from Al Hilal Bank amounting to AED 445 million ($121.1 million). These funds will be utilized to support various projects, including the luxury One Palm development on Dubai’s Palm Jumeirah.

In September, Omniyat made headlines by selling what is touted as Dubai’s most expensive penthouse at One Palm for AED 102 million ($27.7 million). The project is slated for completion next year.

Mahdi Amjad, CEO and executive chairman of Omniyat, stated, “Securing these AED 445 million facilities underscores the progress Omniyat has made across its project portfolio. This financing will enable us to move forward with the completion and handover of our Opus and Pad projects this year, along with the One Palm project next year.”