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Mon 28 Sep 2015 02:50 PM

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UAE's Gulf Related signs $626.3m loan to build mixed-use development

Financing deal with Abu Dhabi Commercial Bank is to fund the building of project in Abu Dhabi

UAE's Gulf Related signs $626.3m loan to build mixed-use development

United Arab Emirates property developer Gulf Related has signed a AED2.3 billion ($626.29 million) financing deal with Abu Dhabi Commercial Bank to fund the building of a mixed-use retail development in Abu Dhabi, the firm said on Monday.

The project financing deal for Al Maryah Central is the largest of its kind in the region for Gulf Related and its owners, UAE-based private equity firm Gulf Capital and New York-headquartered Related Companies, the statement said.

Scheduled to open in March 2018, the 2.3 million square foot mall will feature the first Macy's outside of the United States and the first Bloomingdale's in Abu Dhabi, the statement added.

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