Atlantis the Palm, a resort located on an artificial island off Dubai's coast, will pay an initial interest rate of 5.5 per cent to raise an US$850 million syndicated loan, according to two people familiar with the deal.
Interest on the loan will be linked to leverage and will be reduced as the debt decreases or as the hotel's Ebitda, or earnings before interest, taxes, depreciation and amortisation, improves, said the people, who asked not to be identified because the information is private. The margin on the facility, whose tenor will be just over five years, could fall to about 3 per cent within two years, one of the people said.
Atlantis, which spent $20m on its opening party in 2008, will use the debt to refinance a $700m 12-year term loan arranged in 2005 to fund construction. The resort hired Abu Dhabi Commercial Bank, Barclays, Commercial Bank of Dubai, HSBC Holdings, National Bank of Abu Dhabi, and Union National Bank to organise the new facility.
The hotel, themed on the myth of the lost city of Atlantis, is owned by Dubai World unit Istithmar World. Istithmar spent $250m last year to buy the 50 per cent stake it did not already own from Kerzner International Holdings. Istithmar officials did not immediately reply to an e-mail sent via its website seeking comment on the financing.
The $1.5 billion Atlantis resort opened on an outer frond of Dubai's palm tree leaf-shaped island at the peak of the global financial crisis in November 2008, just as Dubai's property industry started to crash.
The emirate's borrowing costs have dropped as its tourism, hotel and transport industries recover from the crash, which sent home prices plunging more than 65 per cent from a mid-2008 peak. The Dubai government in January sold $750m of 10-year Islamic bonds at 3.875 per cent, 40 per cent less than it paid on sukuk almost a year earlier.
* Bloomberg News
ANATOMY%20OF%20A%20FALL
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Panipat
Director Ashutosh Gowariker
Produced Ashutosh Gowariker, Rohit Shelatkar, Reliance Entertainment
Cast Arjun Kapoor, Sanjay Dutt, Kriti Sanon, Mohnish Behl, Padmini Kolhapure, Zeenat Aman
Rating 3 /5 stars
Honeymoonish
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
UAE currency: the story behind the money in your pockets
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
COMPANY%20PROFILE
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More on animal trafficking
EXPATS
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MATCH INFO
Rugby World Cup (all times UAE)
Third-place play-off: New Zealand v Wales, Friday, 1pm
Final: England v South Africa, Saturday, 1pm
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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