Dubai — Mubasher: Nakheel Properties has secured an AED 3.1 billion loan for financing the construction works of Deira Mall, its new shopping, dining and entertainment destination.
The credit facility will be repaid in eight years, starting from the opening of the mall in 2022, through annual installments from the project’s revenue, sources familiar with the matter told Al Bayan newspaper.
They added that the state-owned real estate developer has already gotten an AED 3.1 billion loan from a seven-bank consortium led by Emirates NBD, while the remaining would be self-financed by the company.
In April, Nakheel awarded a construction contract to build Deira Mall with a total investment of AED 6.1 billion, according to a statement.
Under a contract valued at AED 4.2 billion, Nakheel appointed United Engineering Construction to build the mall.
With four million square feet of leasable space, and 15.3 square kilometres waterfront master community, the mall will contribute to Dubai’s 2021 vision by transforming the area traditionally known as Old Dubai into a world-class hub for retail, tourism, living, and leisure, Nakheel said in its statement.
Deira Mall will feature over 1,000 shops, cafés, restaurants, and entertainment outlets across three floors, as well as a multi-storey car park with nearly 8,400 parking spaces.
The mall will be the centrepiece of Deira Boulevard, a new AED5 billion Nakheel community with 16 residential towers, almost 2,900 apartments, and extensive retail, restaurant, and recreation space.
