ADIB signs refinancing for Marina Mall

02 November 2001

The local National Investment Corporation signed on 30 October a AED 150 million ($40.8 million) Islamic loan agreement with Abu Dhabi Islamic Bank to refinance the Marina Mall project in Abu Dhabi and fund its future expansions (MEED 15:10:99).

The murabaha agreement will be valid for five years. The Marina Mall project was financed in mid-1999 through a AED 200 million ($54 million), seven-year loan lead arranged by Union National Bank and AED 50 million ($13.6 million), paid by Dubai's Majid al-Futtaim Group as advance rent for about 50 per cent of the 73,000-square-metre leasable space.

Built on the breakwater overlooking the Abu Dhabi corniche, Marina Mall is a 120,000-square-metre shopping and recreation complex masterminded by the Abu Dhabi International Marine Sports Club.

A local/South African venture of Al-Habtoor Engineering Enterprises and Murray & Roberts Contractors (Middle East)was awarded the contract to build the facilities in 1999. The design consultant was the local Architectural Consulting Groupand the project manager the UK's Gibb (MEED 23:4:99).

A second-phase development of the breakwater involves the construction of a new five-star hotel at Umm al-Amwaj. Abu Dhabi National Hotels Company has been allotted a plot of land by the government for the hotel, which will have its own U-shaped marina and water sports complex.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications