Al Farwaniya Property Developments, the consortium behind Abu Dhabi’s Reem Mall, announced that financing for the $1.2bn project is now complete.
The consortium also signed an agreement for a $457m senior credit facility provided by regional and international banks including Abu Dhabi Commercial Bank, Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank.
Al Farwaniya Property Developments is a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
The credit facility is subject to final conditions, and is anticipated to complete within short span.
Situated in the Najmat District on Reem Island, Reem Mall will offer 2 million ft2 of leasable space. It will feature around 450 stores that house local and international brands.
The mall will also feature 85 food and beverage outlets, education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi.
The entertainment offering will make up about 202,000ft², which accounts for 10% of the total mall space.
Agility CEO Tarek Sultan said: “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.”
Sultan added: “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.”
Reem Island, which is expected to have a population of 200,000 residents upon completion, is a residential, commercial and business master planned community presently under development on the north east coast of Abu Dhabi Island.
Spread across 6.5 million m² and expected to house various communities, the island is being developed by master developers Aldar Properties, Reem Developers and Tamouh.