Gulf Related has signed a Dh2.3 billion deal with Abu Dhabi Commercial Bank (ADCB) to fund development of its US$1.5bn (Dh5.5bn) Al Maryah Central project.
Gulf Related said the financing was the biggest that it – or its shareholders Gulf Capital and Related Real Estate – had participated in regionally. It argued that the deal highlighted the “strong reception” for the project — the first phase of which is due to open in March 2018.
Al Maryah Central is a 2.3 million sq ft mall that will contain the first Macy’s outside the United States and the first Bloomingdale’s in Abu Dhabi. It will house more than 400 stores, 145 restaurants and cafes and a 20-screen cinema. It will also be linked directly to The Galleria shopping centre that was also developed by Gulf Related, and the Abu Dhabi Global Market square.
The funding by ADCB will cover part of the project’s development costs.
Australian contractor Brookfield Multiplex was appointed to build Al Maryah Central in July, and Faithful + Gould was appointed as cost consultant last month. Work started on the site in November 2014 and construction of the mall began last month.
Karim El Solh, co-managing partner of Gulf Related and the chief executive of Gulf Capital, said: “This financing continues a long standing partnership with ADCB and we are proud to be collaborating with them on this exciting project.
Ala’a Eraiqat, group chief executive of ADCB said it was proud “to be the sole lead bank for the financing for this marquee project”.
The retail element of Al Maryah Central comprises 2.3 million sq ft out of a total development of 3.1 million sq ft. The remainder, including apartments and a hotel, will be developed as part of a future phase.