With an estimated value of $1.2 billion, a consortium of Agility, United Projects for Air Services (UPAC) and National Real Estate Company (NREC), the consortium behind the Reem Mall, Abu Dhabi's entertainment, leisure and shopping destination, has revealed the completion of the project financing by signing the UAE's largest real estate asset credit facility in 2017.
On this occasion, Agility's CEO, Tarek Sultan, commented: “We are delighted to announce the completion of the project. <Tarek Sultan, CEO of Agility, commented: ”Abu Dhabi's business climate is one of the most important things that make it attractive to investors, and the speed with which the Abu Dhabi authorities completed the necessary procedures to complete the project is a great example of efficiency and effectiveness. Agility Group is making significant investments in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi's growth prospects.“
Reem Mall Abu Dhabi will offer 450 local and international brand stores, restaurants, entertainment and leisure across 2 million square feet (2.9 million square feet gross floor area), including 85 food and beverage outlets, as well as a wide range of family-oriented entertainment destinations including the Abu Dhabi Snow Park.
Reem Mall Abu Dhabi will offer 450 local and international brand stores, restaurants and leisure and entertainment outlets across 2 million square feet (2.9 million square feet gross floor area), including 85 food and beverage outlets, as well as a wide range of family-oriented entertainment destinations including the Abu Dhabi Snow Park.
<pThe complex is being developed by Al Farwaniya Real Estate Development Company, a joint venture between Agility, its subsidiary United Projects for Air Services (UPAC), and National Real Estate Company. This partnership provides the project with a solid financial foundation, deep expertise in asset management and commercial real estate development, as well as a proven track record of success in operating prestigious shopping centers.
Farwaniya Real Estate Development Company (FREDC) is a leading developer of shopping malls in the UAE. Al Farwaniya has signed a US$457 million seven-year credit facility agreement with regional and international banks, namely Abu Dhabi Commercial Bank, Gulf Bank of Kuwait, Noor Bank and Standard Chartered Bank, subject to certain final terms that are expected to be finalized soon.
Farwaniya has signed a US$457 million seven-year credit facility agreement. <Faisal Sultan, Chairman of National Real Estate Company, commented: “Reem Mall is progressing well and is one of the most significant retail and leisure facilities ever developed in Abu Dhabi, and we look forward to the day when the complex opens its doors to residents and visitors."
National Real Estate Company Chairman Faisal Sultan commented. <Reem Mall is located in the Abu Dhabi Star District on Al Reem Island, whose residential and commercial scheme is being developed by Al Reem Development Company and is expected to have a population of approximately 200,000 upon completion of the island's development.
