The consortium behind Abu Dhabis Reem Mall, a retail, leisure and entertainment destination, announced that financing for the $1.2bn project is now complete.
The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
Tarek Sultan, CEO, Agility, said: The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action. The Agility group is making a significant investment in Abu Dhabi because we
strongly believe in the Reem Mall project and in Abu Dhabis growth prospects.
Reem Mall, located on Abu Dhabis Reem Island, will offer 18.5ha of leasable area (27.8ha of floor
area), comprising 450 stores housing local and international brands, including 85 food and beverage outlets. It will
feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction.
Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations.
To complete the financing, Al Farwaniya signed an agreement for a $457mn senior credit facility. The seven-year
credit facility is provided by regional and international banks – Abu Dhabi Commercial Bank (ADCB), Gulf Bank
Kuwait, Noor Bank, and Standard Chartered Bank. The facility is subject to final conditions and is expected to be
completed shortly.
Faisal Sultan, chairman of NREC, said: Reem Mall is moving forward in an exciting way. It is one of the most
significant leisure and retail developments ever undertaken in Abu Dhabi. We look forward to the day it opens its
doors to its residents and visitors.
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master
development by Reem Developers. Reem Island is expected to have a population of 200,000 residents at completion.