Banks in the UAE began marketing to other lenders a USD850 million loan made to the Investment Corporation of Dubai for the construction of a hotel complex on Dubai’s Palm Jumeirah. Emirates NBD, Dubai Islamic Bank and Abu Dhabi Commercial Bank are providing the loan to build a second Atlantis resort on the man-made island. The dirham portion of the 10-year loan is priced at 295 basis points over the benchmark rate and the dollar portion at a spread of 320 basis points. Investment Corporation of Dubai, the emirate’s main state-owned holding company, and Kerzner International Holdings, a developer and operator of resorts and luxury hotels, plan to spend USD1.4 billion to build The Royal Atlantis Resort and Residences. The development will comprise nearly 800 guest rooms and 250 luxury residences. The loan will have a duration of 10 years and should be signed by the end of May, the people said. Repayments will start after three years once the construction of the hotel is completed and it has started operating. (Reuters)