Nakheel is said to be seeking AED5 billion (USD1.4 billion) in loans from banks, according to anonymous sources, in order to fund the construction costs of a number of its projects. On a separate note, Nakheel has signed a JV agreement with Spain’s RIU Hotels & Resorts to launch the latter’s hotel brand in Dubai. The first planned RIU hotel under the agreement will cost USD170 million and will be located at its Deira Islands project. The hotel will include 750 rooms, and is set to be opened in 2019. The hotel will the first to be managed by RIU in the Middle East. (Arabian Business, Reuters)