GCC real estate development company Gulf Related has signed a Dhs 2.3bn senior debt project financing deal with Abu Dhabi Commercial Bank for its Al Maryah Central project.
Under the deal, a portion of the mixed-use retail development, scheduled to open in March 2018, will be funded by ADCB.
Al Maryah Central is a 2.3 million square foot regional mall. It will feature the first Macy’s outside the United States, the first Bloomingdale’s in Abu Dhabi and 20 specialist Al Tayer stores as part of its 400 store footprint.
Later phases will include residential united and a hotel in two high rise towers.
“ADCB is proud to be collaborating with Gulf Related on Al Maryah Central and to be the sole lead bank for the financing for this marquee project,” said ADCB CEO Ala’a Eraiqat. “Our project finance team recognised the appeal and unique positioning of this project and were able to put together the most competitive and sophisticated financing package.”
Vertical construction of the project began in August following the appointment of Brookfield Multiplex as the main contractor.
“Al Maryah Central will bring international brands such as Macy’s and Bloomingdale’s to the region and will further reinforce Abu Dhabi and the UAE’s position as a leading retail and entertainment destination,” said Related Urban CEO and Gulf Related co-managing partner Kenneth A. Himmel.
The development is located adjacent to another Gulf Related project – The Galleria on Al Maryah Island – developed in conjunction with state-owned Mubadala Real Estate.
The two projects will be interconnected to create a 2.9 million square foot shopping and dining destination in Abu Dhabi.