Abu Dhabi: Gulf Related has signed a Dh2.3 billion agreement with Abu Dhabi Commercial Bank (ADCB) to provide senior debt project financing for the construction of Al Maryah Central mixed-use retail development, scheduled to open in March 2018.
The financing agreement is the largest of its kind in the region for Gulf Related and its owners, Gulf Capital and Related Companies, the company said in a statement.
Dr Karim Al Solh, CEO of Gulf Capital and co-managing partner of Gulf Related, said they were pleased to have secured ADCB’s financial backing for Al Maryah Central.
“This financing continues a long-standing partnership with ADCB and we are proud to be collaborating with them on this exciting project,” Al Solh said. “Securing the full financing marks another key milestone in the construction of the project and further underscores our ability to deliver this high-quality development on schedule.”
ADCB will fund a portion of the development cost of the mixed-use retail development. The project broke ground in November of 2014, with vertical construction commencing earlier this month.
The 2.3 million square foot regional mall will feature the first Macy’s outside of the United States, the first Bloomingdale’s in Abu Dhabi and 20 specialist Al Tayer stores as part of the 400-store strong retail offering. In addition, Al Maryah Central will include 145 restaurants and cafés, a 20-screen cinema complex, a medical centre, a crèche, a health club, a public library, a food market as well as three rooftop parks atop the mall.
Subsequent phases of the development will include residential units and a hotel in two high-rise towers.
