Al Farwaniya Property Developments, the consortium behind Abu Dhabi’s Reem Mall, on Tuesday announced that financing for the $1.2 billion project is now complete.
Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million sq ft of leasable area comprising 450 stores, including 85 food and beverage outlets.
It will also feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, when it opens in 2020.
“The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action,” said Tarek Sultan, CEO, Agility, one of the companies involved in the consortium.
“The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects."
The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
To complete the financing, Al Farwaniya said it has signed an agreement for a $457 million senior credit facility. The seven-year credit facility is provided by regional and international banks and is expected to be completed shortly.
Faisal Sultan, chairman of NREC, said: “Reem Mall is moving forward in an exciting way. It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. We look forward to the day it opens its doors to its residents and visitors.”
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is expected to have a population of 200,000 residents at completion.For all the latest retail 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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