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.
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