Gulf Related, a regional real estate development company, has signed a Dh2.3 billion ($626 million) agreement with Abu Dhabi Commercial Bank (ADCB) to secure financing for the construction of Al Maryah Central, its mixed-use retail development in Abu Dhabi, UAE, which is scheduled to open in March 2018.

It is a joint-venture between Gulf Capital, one of the GCC’s leading alternative asset management firms, and Related Companies, a major private real estate development and investment firm in the US.

The agreement is the largest of its kind in the region for both the company and its owners, further highlighting the strong reception and institutional support for Al Maryah Central development, said a statement from Gulf Related.

A 2.3 million sq-ft regional mall, Al Maryah Central will feature the first Macy’s outside of the US, the first Bloomingdale’s in Abu Dhabi and 20 specialist Al Tayer stores as part of the 400 store strong retail offering.

In addition, it will include 145 restaurants and cafés, a 20-screen cinema complex, a medical centre, a crèche, a health-club, a public library, a food market as well as three rooftop parks atop the mall.

Subsequent phases of the development will include residential units and a hotel in two high rise towers, it added.

Gulf Related said the financing from ADCB would help fund a portion of the development cost of the mixed-use retail development.

The project broke ground in November last year and commenced its vertical construction earlier this month following the appointment of Brookfield Multiplex as the main contractor for the project.

Dr Karim El Solh, the chief executive of Gulf Capital and co-managing partner of Gulf Related, said: "Securing the full financing marks another key milestone in the construction of the project and further underscores our ability to deliver this high quality development on schedule."

Ala’a Eraiqat, the group CEO and board member of ADCB, said the lender was proud to be the sole lead bank for the financing for this marquee project.

"Al Maryah Central, located at the heart of Al Maryah Island and with its unique anchor department stores and international brands, will transform the urban retail landscape in Abu Dhabi," noted Eraiqat.

"Our project finance team recognized the appeal and unique positioning of this project and were able to put together the most competitive and sophisticated financing package.  This major financing is in line with ADCB’s strategy to support and contribute to the long term growth of the economy in Abu Dhabi," he added.

Kenneth A. Himmel, the president and CEO of Related Urban and co-managing partner of Gulf Related, said: "This is a significant moment for this development and further underscores our commitment to bringing this high-quality, world-class retail to Abu Dhabi."

"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. Abu Dhabi’s economy is diversifying and expanding rapidly and we look forward to being part of that growth," he noted.  

Colin Fraser, the head of wholesale banking at ADCB, said: “Having the ability to fund a major development in Abu Dhabi is a testament to our success in delivering banking excellence in the UAE."
 
Emile Habib, the managing director of Investments for Gulf Related, said: "ADCB was selected as a result of its competitive finance terms and structure along with the bank’s specialist experience of funding mixed use retail-led developments in the region."

"This, combined with ADCB’s in-depth understanding of our project, makes them the ideal partner for us," he added.-TradeArabia News Service