Al Ahli Holding Group has announced that is has secured an Islamic club financing facility worth AED 1.25 billion ($340.3 million) for its Dubai Outlet Mall expansion project.
Dubai Islamic Bank acted as the coordinator, mandated lead arranger, bookrunner, investment agency and security agent for the transactions with Ajman Bank, Al Hillal Bank and Noor Bank participating as financiers.
Scheduled to open in Q4 2019, the expansion of Dubai Outlet Mall will see 3 million square-feet added to the existing 1.1 million square-feet of built up area, transforming it into one of the largest outlet malls in the world.
“Securing a finance facility from leading banks like Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank is a significant testament to the confidence in the project and Al Ahli Holding Group capabilities,” Al Ahli Holding Group CEO.
“This move and the eventual expansion of Dubai Outlet Mall also marks our intent to set new industry standards in the value shopping space; meeting customer expectations and enhancing our position as an industry leader,” he added.
Additionally, Dubai Outlet Mall also celebrated its 10-year anniversary with a number of activities, including changes for visitors to win a Mediterranean cruise or concert tickets to the Ed Sheeran show, as well as group fitness activities and cooking demonstrations.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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