Emirates NBD closes financing for UNEC’s work on Deira Mall

RetailME Bureau

Emirates NBD successfully concluded financing amounting to AED1.30 billion for UNEC (United Engineering Construction Company) towards building work on Dubai-based master developer Nakheel’s Deira Mall project.

Emirates NBD acted as agent bank, security agent and mandated lead arranger in the club financing arrangement that included Commercial Bank of Dubai and Arab Bank as mandated lead arrangers. The landmark deal was undertaken by Emirates NBD’s corporate banking group – contracting division.

With 4 million sqft of leasable area, the AED4.2 billion Deira Mall will, reportedly, have the biggest shop space in Dubai when complete. Deira Mall will feature over 1,000 shops, cafés, restaurants and entertainment outlets across three floors and a multi-storey car park with 8,400 spaces.

The Deira Mall will be located at the heart of Deira Islands, Nakheel’s new 15.3 sqkm waterfront city that is part of Dubai’s 2021 vision.