Burj-Al-SalamEmirates NBD and First Gulf Bank have agreed a $245m (AED: 900m) funding deal with Abdulsalam Al Rafi Group to provide finance for the Burj Al Samal tower on Sheikh Zayed Road.

The towers are a series of three linked buildings – one office, one residential and one hotel – on a prime site at the start of Sheikh Zayed Road by the World Trade Center roundabout. The towers are being developed by Abdulsalam Al Rafi Group and are being built by Dubai Construction Company.

They are linked at the base base a large podium containing four basement levels, a ground floor, mezzanine and two mechanical floors. Above this, there are 54 upper floors.

The hotel tower has been taken by Starwood Hotels, which will open a Sheraton Dubai Tower hotel in the complex next year. The office building and the residential towers are due for completion in September.

The money is being used to help finance construction of the towers, the banks said.¬†Emirates NBD, which was lead arranger for the loan, said that deal highlighted its intention “to form strategic alliances with leading financial and corporate institutions” in the region.

Work initially began on the site several years ago with Belhasa as main contractor and it built the structure up to sixth-floor level.

However, work stalled during the financial crisis and DCC was contracted to finish the project in September 2010.

Once complete, the tower will have a built-up area of 290,143m2 with an additional 44,695m2 of car parking to the rear. It has space for 281 offices, 477 hotel guest rooms and 180 serviced apartments.