Gulf Related has signed a Dh2.3-billion ($626 million) agreement with Abu Dhabi Commercial Bank (ADCB) to provide project financing for the construction of the 3.1-million-sq-ft Al Maryah Central mixed-use retail development.
The agreement is the largest of its kind in the region for Gulf Related, the joint venture between Gulf Capital and Related Companies, further highlighting the strong reception and institutional support for Al Maryah Central development on Al Maryah Island. Financing by ADCB will fund a portion of the development cost and is an important milestone in the strong progress of the project. The project broke ground in November of 2014, commenced construction earlier this month and is scheduled to open in March 2018.
Dr Karim El Solh, CEO of Gulf Capital and co-managing partner of Gulf Related says: “We are very pleased to have secured the financial backing of ADCB for Al Maryah Central. This financing continues a long-standing partnership with ADCB and we are proud to be collaborating with them on this exciting project.”
Ala’a Eraiqat, group CEO and board member of ADCB, says: “ADCB is proud to be collaborating with Gulf Related on Al Maryah Central and to be the sole lead bank for the financing for this marquee project.
“Our project finance team recognised the appeal and unique positioning of this project and were able to put together the most competitive and sophisticated financing package. This major financing is in line with ADCB’s strategy to support and contribute to the long-term growth of the economy in Abu Dhabi.”
Al Maryah Central will include a 2.3 million square foot super-regional shopping centre anchored by Macy’s and Bloomingdale’s department stores, opening in Q1, 2018 and two 400,000-sq-ft integrated towers set for completion by 2019; one with a hotel and serviced apartments and the other with luxury residences.
The development will be fully connected across Al Maryah Island with air-conditioned access to The Galleria, the capital’s luxury shopping and dining destination; Abu Dhabi Global Market Square, the international financial centre in the capital city; two luxury hotels – The Rosewood and Four Seasons Hotel (scheduled for completion in 2016), Cleveland Clinic Abu Dhabi, a world-class, 364-bed multispecialty hospital and the new headquarters of Al Hilal Bank’s.
Vertical construction on Al Maryah Central commenced in August after Brookfield Multiplex was appointed as main project contractor. The development is adjacent to Abu Dhabi Global Market Square luxury retail and dining destination – The Galleria on Al Maryah Island – which was developed by Gulf Related with Mubadala Real Estate and Infrastructure. Al Maryah Central and The Galleria will be interconnected and together create an unrivalled 2.9 million sq ft shopping and dining destination for Abu Dhabi.