Dubai – Mubasher: Cityland Group will provide a major financing for the $330 million Cityland Mall from a consortium of banks consisting of Emirates NBD as the lead bank and Burgan Bank from Kuwait, according to a statement.
The $142.74 million loan will be utilized for covering the ongoing project cost in terms of construction of the mall which will be opened in 2018 in Dubai.
Agreements are already in place with operators for 30% of the leasable space available.
The mall will eventually have 350 stores built, Majid Al Futtaim’s 100,000 square foot Carrefour, and VOX Cinemas.
“With construction work well under way in addition to having the commitment of leading regional retailers, we are pleased with the overall momentum on the project,” according to Cityland Group’s CEO and board member Fahimuddin Sharfuddin.
