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Atlantis secures $880m loan

Dubai iconic Atlantis, The Palm island resort has closed an $880m syndicated loan, a $30m increase from its original $850m target, Reuters has reported, citing banking sources. Proceeds will be used to refinance a $700m, 12-year term loan that was signed in July 2005 to back the construction of the luxury hotel resort and aquatic theme park, which opened in 2008 as a joint venture between UAE holding company Istithmar and Kerzner International Holdings.