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Tamouh secures $84.3m loan to fund Abu Dhabi mall

The ten-year financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction

Paragon Bay Mall will offer a marina with 120 berths when it opens next year.
Paragon Bay Mall will offer a marina with 120 berths when it opens next year.

Abu Dhabi-based developer, Tamouh Investments, has inked an $84.3m (AED310m) facility to fund the final phase of the construction of Tamouh’s Paragon Bay Mall in Marina Square, Reem Island in Abu Dhabi.

The ten-year financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction, according to UAE state news agency, WAM.

Paragon Bay Mall will be the first lifestyle community mall in Marina Square, offering waterfront dining, a selection of 180 shopping outlets, and a marina with 120 berths when it opens next year.

Kashif Shamsi, Tamouh’s group chief financial officer, said: "We are pleased to have secured financing for the final phase of Paragon Bay Mall’s construction, which reflects the trust that the bank has in Tamouh‘s commitment to deliver our projects.

"The mall marks the start of the next phase of the development of Marina Square as we look to further expand the community with the addition of a hotel and residential units over the coming years.

“The transaction is a clear indicator of the stability of the Abu Dhabi real estate market, and Tamouh’s commitment to the continued sustainable development of Reem Island."

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Construction Week - Issue 753
Nov 09, 2019