Gulf Related in $626m Al Maryah Central loan deal
Abu Dhabi Commercial Bank agrees to lend the firm money for the construction of mixed-use retail development, scheduled to open in March 2018
Gulf Related has signed a AED2.3bn ($626m) agreement with Abu Dhabi Commercial Bank (ADCB) to provide senior debt project financing for the construction of Al Maryah Central mixed-use retail development, scheduled to open in March 2018.
The financing deal is the largest of its kind in the region for Gulf Related and its owners, Gulf Capital and Related Companies.
The 2.3m ft2 regional mall will feature the first Macy’s outside of the United States, the first Bloomingdale’s in Abu Dhabi and 20 specialist Al Tayer stores as part of the 400 store strong retail offering. In addition, Al Maryah Central will include 145 restaurants and cafés, a 20-screen cinema complex, a medical center, 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.
Financing by ADCB will fund a portion of the development cost of the mixed-use retail development and is viewed as an important milestone in the strong progress of the project.
The scheme broke ground in November of 2014, started vertical construction earlier this month and is scheduled to open in March 2018.
Dr. Karim El Solh, CEO of Gulf Capital and co-managing Partner of Gulf Related, said: “We are very pleased to have secured the financial backing of Abu Dhabi Commercial Bank for Al Maryah Central, one of the most anticipated developments in the region. This financing continues a long standing partnership with ADCB and we are proud to be collaborating with them on this exciting project. 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, Group CEO and Board Member of Abu Dhabi Commercial Bank said, “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. 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. 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.”
Vertical construction on Al Maryah Central started on 9 August 2015 following the appointment of Brookfield Multiplex as the main contractor for the project.
Al Maryah Central is adjacent to Abu Dhabi Global Market Square luxury retail and dining destination – The Galleria on Al Maryah Island – which was developed by Gulf Related with Mubadala Real Estate and Infrastructure. Al Maryah Central and The Galleria will be physically interconnected and together will create an unrivalled 2.9m ft2 shopping and dining destination for Abu Dhabi.