Sahara Centre signs AED 225 million syndicated finance scheme

In the largest Islamic-structured syndicated re-financing scheme ever extended to a shopping complex in the UAE, the three banks have agreed to offer Sahara Centre a financing package valued at a total of AED 225 million.

Abdulrahman Bukhatir, Co-owner of Sahara Centre said, "We are very pleased with the re-financing agreement agreed between the mall and the three banks. The deal clearly demonstrates the banks' commitment to Sahara Centre, and their confidence in the development of Sharjah's shopping mall industry."

As the lead manager, Dubai Islamic Bank will contribute a sum of AED 100 million, while HSBC and Mashreqbank will provide AED 75 million and AED 50 million respectively.

Hussein Mohammed Al Meeza, Executive Director, Corporate Banking, Dubai Islamic Bank, commented: "We are delighted to offer our support and contribute to the development of businesses in the UAE through Islamic structured schemes. Providing corporate customers like Sahara Centre with better finance alternatives, support Sharjah's on-going development as a thriving business and consumer centre."

Sahara Centre, which opened in February of this year, was built at a total cost of AED 400 million and is strategically-located in the growing Al Nahda district on the Dubai-Sharjah highway. The shopping mall is one of the biggest developments in the emirate of Sharjah, catering to the needs of shoppers throughout the UAE.

Mohammed Almulla, Manager, Commercial Banking, HSBC said the joint deal allowed HSBC to play its own role in the development of Sharjah. "We are pleased to be contributing to one of the leading shopping malls in the UAE. This financing demonstrates HSBC's commitment to support viable private sector projects in the UAE and HSBC's willingness to stand behind its business partners."

"As part of Mashreqbank's continuous commitment to development projects in the UAE, we are proud to associate ourselves with the financing of Sahara Centre," added Rohit Walia, Division Manager, Commercial Banking, Mashreqbank.

The landmark shopping and entertainment mall houses key anchor stores Debenhams, Toys 'R' Us, Adventureland, THE One, and Century Cinemas, with Marks & Spencer, an additional anchor, opening shortly. Among its main features the 120-store mall features a host of retail and food and beverage outlets, as well as an extensive entertainment offering including an indoor entertainment centre and 12-theatre cinema.

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