UAE's Majid Al Futtaim inks $282m Egypt mall loan
The $450m mall's loan deal has reportedly been inked with a banking consortium comprising Arab Bank, National Bank of Abu Dhabi, and Bank Audi, besides others
UAE's Majid Al Futtaim has reportedly inked a loan to fund an upcoming project in Egypt.
The developer of malls such as City Centre Deira and Mall of the Emirates in Dubai, is working on the Almaza City Centre in Egypt.
The $281.6m loan has been signed with a banking consortium including Arab Bank, Bank Audi, AlexBank, Emirates NBD, National Bank of Abu Dhabi (NBAD), Mashreq Bank, and National Bank of Kuwait (NBK-Egypt).
According to local daily Amwal Al Ghad, the loan forms part of the mall's total investment, worth $450.4m.
The project is scheduled for completion in the first quarter of 2019, the report added.