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UAE’s Gulf Related signs $626.3m loan with ADCB to build mixed-use development

Al Maryah Central, the 2.3 million square foot mall, is scheduled to open in March 2018

Reuters

DUBAI, Sept 28 (Reuters) – United Arab Emirates property developer Gulf Related has signed a 2.3 billion dirham ($626.29 million) financing deal with Abu Dhabi Commercial Bank to fund the building of a mixed-use retail development in Abu Dhabi, the firm said on Monday.

The project financing deal for Al Maryah Central is the largest of its kind in the region for Gulf Related and its owners, UAE-based private equity firm Gulf Capital and New York-headquartered Related Companies, the statement said.

Scheduled to open in March 2018, the 2.3 million square foot mall will feature the first Macy’s outside of the United States and the first Bloomingdale’s in Abu Dhabi, the statement added.

($1 = 3.6724 UAE dirham)

(Reporting by Tom Arnold; Editing by David French)