Financing secured for retail complex in UAE capital
- Local/US Gulf Related secures $626m loan from Abu Dhabi Commercial Bank
- Project finance is for 2.3 million-square-foot Al-Maryah Central mixed-use retail development
- Canadas Brookfield Multiplex started construction work on project in August
The local/US Gulf Related has secured AED2.3bn ($626m) in senior debt project finance from Abu Dhabi Commercial Bank (ADCB) to fund its Al-Maryah Central mixed-use retail development.
The scheme involves a 2.3 million-square-foot retail centre and two towers.
It will include 400 retail spaces, 145 restaurants and cafes, a 20-screen cinema complex, a medical centre, a creche, a health club, a public library, and a food market, as well as three rooftop parks. Subsequent phases of the development consist of a residential tower with serviced apartments. The second tower will be a hotel with 200-330 rooms.
Canadas Brookfield Multiplex won the estimated AED1.5bn contract to build the retail complex in August.
Vertical construction began in early September and the mall is scheduled to open in March 2018.
Germanys Bauer started enabling works on the site in November 2014. The project management consultant is US-based Aecom. The cost consultant is the UKs Faithful+Gould.
The development is located on Al-Maryah Island in Abu Dhabi, next to Gulf Relateds The Galleria mall, which opened in late 2013. Al Maryah Central and The Galleria will be physically interconnected, and together will create a 2.9 million-sq-ft retail space.
Once completed, the mall will be one of the biggest in the UAE and the largest in central Abu Dhabi.
Gulf Related is a joint venture of the US Related Companies and the local Gulf Capital.
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