Bahrain firm signs $21m AUB finance deal
Manama, September 15, 2013
The developers of Muharraq Seef Mall, the Muharraq Mall Company, have signed an Islamic finance facility agreement with Ahli United Bank (AUB) to borrow $21.25 million.
The facility is to assist in partial financing of the construction of the mall. Construction of the 70,000 sqm mall commenced in 2012 and is 50 per cent complete with around 80 per cent of the shops already leased.
This hugely significant project located adjacent to the Muharraq Club is majority owned and managed by Seef Properties. The other shareholders are the Malls Company and Hayakala.
"We are pleased to have reached agreement with AUB for the funding of this project which has been warmly received by tenants and residents of Muharraq alike," said Muharraq Mall Company chairman Shaikh Abdulla bin Khalifa Al Khalifa.
"We are eagerly looking forward to the opening of the mall next year. The belief AUB have shown in the project has been a significant factor in the speedy completion of the funding deal."-TradeArabia News Service
More Finance & Capital Market Stories
- Dubai Investments Park celebrates Nasdaq listing
- Norton Rose Fulbright advises on IDB $1.5bn sukuk
- IGIH posts 24pc rise in profit
- Tokyo exchange inks Dubai agreement
- PiSlice, du partner to encourage micro-lending
- Bank Alkhair swings to $4.7m profit
- BMI launches new personal loan promotion
- Experts shed light on key Fatca legislation
- Saudi inflation plunges to four-year low
- UAE investment appetite 'strengthens' says expert
- Dubai mulls rule change to woo domiciled funds
- UAE, Abu Dhabi roll over $20bn of Dubai's debt
- Saudi can achieve 4.4pc growth this year
- Emaar listing of retail unit 'within months'
- Dubai Investments nets $29m profits
- Compliance officers facing diverse pressures, says study
- Abu Dhabi finance dept inks deal with Ajman
- Kuwait registers 8pc credit growth
- Bahrain Sico funds net solid returns
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans