Wednesday 19 December 2018

Emirates NBD inks Unec's Dubai project finance deal

DUBAI, February 21, 2018

Emirates NBD, a leading bank in the region, said it has successfully concluded financing amounting to Dh1.3 billion ($354 million) for Unec (United Engineering Construction Company) towards building work on Dubai-based property developer Nakheel’s Deira Mall project.

The landmark deal was undertaken by Emirates NBD’s Corporate Banking Group – Contracting division, said a statement from the Dubai-based bank.

With four million sq ft of leasable area, the Dh4.2 billion ($1.14 billion) Deira Mall will have the biggest shop space in Dubai when complete.

The upcoming retail destination will feature over 1,000 shops, cafes, restaurants and entertainment outlets across three floors and a multi-storey car-park with 8,400 spaces.

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

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.-TradeArabia News Service

Tags: Dubai | project finance | Emirates NBD | Unec |

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