Al Ahli Holding Group on Tuesday announced that it has secured an AED 1.25 billion credit facility for the expansion of Dubai Outlet Mall.
Dubai Islamic Bank (DIB) was the transaction’s coordinator, mandated lead arranger, bookrunner, investment agent, and security agent in collaboration with Ajman Bank, Al Hilal Bank, and Noor Bank, which acted as financiers in the facility, according to a company statement.
Scheduled to open in the fourth quarter of 2019, the three million square-feet expansion of Dubai Outlet Mall is planned to include a hypermarket, cinemas, and various retail and dining options, Al Ahli Holding stated.
“This move and the eventual expansion of Dubai Outlet Mall also mark our intent to set new industry standards in the value shopping space; meeting customer expectations and enhancing our position as an industry leader,” Al Ahli Holding Group’s CEO Mohammed Khammas said.
“Dubai Islamic Bank has been actively involved in supporting the development of the retail sector in the country, and coordinating the financing of this project further cements our commitment to the sector,” Adnan Chilwan, DIB’s Group CEO commented.