UAE-based conglomerate Al Ahli Holding Group announced that it has secured an Islamic club financing facility worth $340m (AED1.25bn) for the expansion of Dubai Outlet Mall.
Scheduled to open in the fourth quarter of 2019, the mall expansion will see 279,000m2 added to the existing 102,000m2 of built up area, which will make it one of the largest outlet malls in the world upon completion.
The expansion will include a hypermarket, cinemas, and multiple levels of dining and retail options.
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.
Mohammed Khammas, CEO of Al Ahli Holding Group, said: “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 marks our intent to set new industry standards in the value shopping space; meeting customer expectations and enhancing our position as an industry leader.”
Dubai Outlet Mall pioneered the outlet shopping category when it entered the UAE retail market 10 years ago.