Denton Wilde Sapte arranges financing for $205 million redevelopment of iconic Abu Dhabi hotel

The financing facility, for the redevelopment of the Khalidia Palace hotel complex, was structured as a mixed Islamic and conventional facility, using a combination of Istisna, Muqawalla and Ijara arrangements to satisfy Shar'ia (Islamic law) requirements.

The hotel complex was originally constructed in the 1970's as one of the UAE's first hotels. The redevelopment was ordered by Sheikh Khalifa Bin Mohammed Bin Khaled Al Nahyan, Chairman of the Private Department, to support the growth of the country's tourism industry.

"We have significant experience in the financing of regional construction projects and are delighted to have been appointed," says Richard de Belder, managing partner of the Abu Dhabi office, who led the project team.

"This transaction follows a year in which we completed Islamic Finance deals worth over US$8 billion. The volume of real estate and infrastructure investment in the region is continuing to grow at an impressive rate, and our established reputation ensures that we're well placed to play a part in more headline deals."

Richard de Belder was assisted by Moyn Uddin and Malcolm Abaza.