Dubai: The owner of Dubai Outlet Mall has secured Dh1.25 billion in funding for a major expansion of the shopping destination. The expanded facility is scheduled for a 2019 fourth-quarter opening and will add 3 million square feet to the existing 1.1 million square feet of built-up area.
The Sharia-compliant financing involved Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank.
“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,” said Mohammad Khammas, CEO of Al Ahli Holding Group, the owner of the Mall, in a statement. (Part of the funds raised will also be used for general corporate purposes.)
The current premises of Dubai Outlet Mall have been functioning for a decade now. According to Adnan Chilwan, Group CEO of Dubai Islamic Bank, “We are pleased to be associated with the Dubai Outlet Mall expansion which will position it on a strong growth trajectory while being a distinctive addition to Dubai’s retail offering.”
Apart from the mall, Al Ahli Holding Group’s interests extend to real estate and turnkey construction, retail and trading, as well as lifestyle, fitness and entertainment interests.