The consortium of Kuwaiti companies behind Abu Dhabi’s Reem Mall have announced that financing for the $1.2 billion project is now complete. The project’s backers include Kuwait-based logistics firm Agility and its affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
“The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action,” said Agility’s CEO Tarek Sultan in a press release. “The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects.”
Located on Abu Dhabi’s Reem Island, the new mall will feature 2 million square feet of leasable area across 450 stores, including space for 85 food and beverage outlets. In addition to regional and international retail outlets, Reem Mall will also feature family-focused entertainment such as Snow Park Abu Dhabi.
The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, UPAC and NREC. To complete the financing, Al Farwaniya signed an agreement for a $457 million senior credit facility. The seven-year credit facility is provided by banks including Abu Dhabi Commercial Bank, Gulf Bank Kuwait, Noor Bank and Standard Chartered Bank. The facility is subject to final conditions, and is expected to be completed shortly.
“Reem Mall is moving forward in an exciting way. It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi,” said Faisal Sultan, Chairman of NREC.