Luxury developer Omniyat has announced that it has secured a financing of AED150 million ($40.8 million) from Mashreq Bank for the fit-out ofM by Melia hotel in The Opus by Zaha Hadid in Downtown Dubai, Arabian Businessreported.
Located in Business Bay, the buildings are made up of two glass towers connected by a ground-floor podium and a glass and steel bridge, and includes over 56,000 square metres of office space, a club, several restaurants and a hotel.
The design of the 93-metre structure removes the need for columns and is designed to maximise views and the absorption of natural light. The hidden base allows the building to appear as if it floating off the ground.
Additionally, the building’s pixelated reflective façade allows the building to be fully visible during daylight hours, but is designed to make the structure appear to slowly disappear from view as night falls.
Mahdi Amjad, chairman and CEO at Omniyat, said: "Bringing Zaha Hadid’s ground breaking vision of the future to life has been a momentous journey and we wish to continue her legacy through The Opus.
"As the final and most anticipated component of The Opus, we are thrilled to be revealing ME Dubai’s Debut by the end of the year and look forward to guests experiencing the full capacity of the architectural wonder as it captures design aspirations from every corner."
Ahmed Abdelaal, head of Corporate & Investment Banking Group at Mashreq, added: “As the UAE’s oldest bank Mashreq has played a pivotal role in helping shape the skyline of Dubai and we are delighted to be associated with a building whose unique design challenges established convention."
It was announced last summer that the opening of the Middle East's first M by Melia hotel will be delayed until the fourth quarter of 2019, having originally been scheduled to open at the end of 2018.
According to Omniyat, the project was pushed back because it “demanded the upmost effort” and collaboration from the project’s construction teams and partners.
Mohammed Hmeid, head of marketing and sales, Omniyat told HotelierMiddleEast.com in a statement: “The offices and commercial side of the building have been completed for two months and our first clients are moving in. The residences are 80% complete and will be the most sought-after trophy assets in Downtown Dubai when they come onto the market – fully designed by Zaha Hadid.
The ME Dubai by Melia will be the final piece in this jaw-dropping jigsaw and is on target to be completed by Q4 2019,” he added.