$350m financing deal agreed for Deira Mall construction work

Emirates NBD concludes financing for UNEC which is building Nakheel's mega mall project
By Staff writer
Wed 21 Feb 2018 01:26 PM

Emirates NBD, Dubai's biggest bank, on Wednesday said it has successfully concluded financing worth AED1.30 billion ($350 million) for United Engineering Construction Company (UNEC) towards building work on Nakheel’s Deira Mall project.

Emirates NBD said it acted as agent bank, security agent and mandated lead arranger in the club financing arrangement that included Commercial Bank of Dubai and Arab Bank as mandated lead arrangers.

The landmark deal was undertaken by Emirates NBD’s Corporate Banking Group – Contracting division.

With four million square feet of leasable area, the AED4.2 billion Deira Mall will have the biggest shop space in Dubai when complete.

Deira Mall will feature more than 1,000 shops, cafes, restaurants and entertainment outlets across three floors and a multi-storey car park with 8,400 spaces.

The mall will be located at the heart of Deira Islands, Nakheel’s new 15.3 sq km waterfront city that is part of Dubai’s 2021 vision.

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