The UAE’s Emirates NBD and Kuwait’s Burgan Bank have formed a consortium to finance the construction of Cityland Mall in Dubai.
The banks have agreed to provide a loan of $142.74m to the mall’s developer, Cityland Group, to cover the project’s ongoing construction costs.
Construction of the 204,400m2 retail complex is already underway, and is being supervised by project manager, JLL. Mechanical, electrical, and plumbing (MEP) works are also in progress for all areas of the mall.
Fahimuddin Sharfuddin, chief executive officer and board member of Cityland Group, said: “Securing this term loan from Emirates NBD and Burgan Bank is a significant development and signifies their confidence in the overall concept of Cityland Mall and the capabilities of the group.
“With work well underway, in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project, and look forward to being on track to hit our project milestones in order to open our doors to the public in 2018.”
Salah Mohammed Amin, general manager of Emirates NBD’s corporate banking group, commented: “We are deligted to be associated with this unique project that is strategically located, and look forward to its official unveiling in 2018. Cityland Mall is a fresh proposition that is expected to stand out in Dubai’s existing retail landscape and become a sustainable venture that generates stable revenues.”
Raed Al Haqhaq, Burgan Bank’s deputy chief executive officer for Kuwait, added: “We are pleased to be part of this mega, one-of-a-kind Cityland Mall project, which is the world’s first nature-inspired shopping destination in terms of both architecture and its anchoring role in providing a unique sensory experience for shoppers.”
Inspired by nature, Cityland Mall will feature an 18,600m2open-air garden called Central Park, which will act as the project’s centrepiece.
The development, which is under construction in Dubailand, will include various large-scale retail and leisure offerings, including a Carrefour supermarket and a 10-screen Vox Cinemas complex.