United Real Estate Company (URC), a leading real estate development company in the Mena region, said it secured a $80 million long term loan from the European Bank for Reconstruction and Development (EBRD) for its Abdali Mall project.

The project is an energy-efficient retail and entertainment centre with built-up-area of over 227,000 sq m in the new downtown area of Amman.

URC’s CEO and chairman Mohammed Ahmed Al-Saqqaf said: "United Real Estate Company and its subsidiary Abdali Mall Company are proud to announce this partnership with EBRD. URC's Abdali development will contribute to the heart of the area of Abdali in Amman and will stimulate the Jordanian economy through job creation and diversity and inclusion initiatives.”

EBRD president Suma Chakrabarti said: “Investing in this project is of a very high importance as it will support the urban regeneration of this area of Amman by helping to create a new central business and commercial district and stimulating further investment, setting Amman as a new business hub in the region.”  

The Abdali Mall development will be based on advanced sustainability techniques such as natural heating and cooling, usage of natural light throughout the building, large scale waste water recycling, advanced resource efficiency techniques, and the implementation of best international practices in asset management.

Tenants are expected to begin their fit-outs in Q3 2014 in preparation for the mall’s opening in Q1 2015. - TradeArabia News Service