UAE-based conglomerate Al Ahli Holding Group has announced a significant development wherein its Dubai Outlet Mall has secured an Islamic club financing facility worth AED1.25 billion for its expansion and general corporate purposes.
Dubai Islamic Bank acted as the coordinator, mandated lead arranger, bookrunner, investment agent and security agent for the transaction with Ajman Bank, Al Hilal Bank and Noor Bank participating as financiers in the facility.
The expansion will enhance the position of Dubai Outlet Mall – which pioneered the outlet shopping category a decade ago when it entered the UAE retail market – as a favoured retail hotspot for shoppers from all over the UAE and the GCC. Through a huge selection of global brands, family entertainment and dining options, the expansion will make Dubai Outlet Mall shopping a memorable experience for visitors.
Scheduled to open in the fourth quarter of 2019, the expansion of Dubai Outlet Mall will see 3 million sqft added to the existing 1.1 million sqft of built-up area, making the mall one of the largest outlet malls globally. There will be a mix of hypermarket, cinemas and multiple levels of ambient lifestyle-focused retail and dining options.
“Securing a finance facility from leading banks like Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank is a significant testament to the confidence in the project and Al Ahli Holding Group capabilities. 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,” says Mohammed Khammas, CEO, Al Ahli Holding Group.
“We are pleased to be associated with the Dubai Outlet Mall expansion which will position it on a strong growth trajectory while being a distinctive addition to Dubai’s retail offering. As the largest Islamic bank in the UAE, 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,” adds Adnan Chilwan, group CEO, Dubai Islamic Bank.
“We at Ajman Bank are delighted to have partnered with Al Ahli Holding Group for financing the expansion of Dubai Outlet Mall which is one of the most trusted and premium retail destinations in the region. This agreement is a true reflection of Ajman bank’s focus and keenness of the bank to support the retail sector by financing specific development projects that creates compelling new retail and lifestyle experiences and supports the city’s growth outlook of further strengthening its core economic sectors, including retail, tourism and hospitality. The tie-up reflects Ajman Bank’s commitment to ensure that its customers’ needs are met optimally and is in line with its objective to offer compelling new retail and lifestyle experiences while supporting prestigious developments in the buoyant retail sector,” states Mohamed Amiri, CEO, Ajman Bank.
“Ranking 5th in the global retail index, the UAE continues to reinforce its position on the global economic map. Dubai Outlet Mall has always been an appealing platform for local, regional and international retailers, attracting large numbers of tourists and shopping enthusiasts. At Al Hilal Bank we strongly believe that the expansion will further strengthen the mall’s value proposition. Our collaboration on this project is in line with our objective of contributing towards the UAE’s economic diversification. We look forward to partner with Al Ahli Holding Group to deliver yet another success story in the UAE,” observes Alex Coelho, CEO, Al Hilal Bank.
“We are proud to collaborate with Al Ahli Holding Group as well as our partner banks to fund the expansion of Dubai Outlet Mall. The financing facility is a strong endorsement of our proven ability to provide targeted and comprehensive Shari’a-compliant financial solutions that meet our clients’ strategic objectives. Furthermore, our support for one of the UAE’s prime retail destinations reinforces our unwavering commitment to contribute to the development of the country’s thriving retail sector,” concludes John Iossifidis, CEO, Noor Bank.