{"id":8344,"date":"2016-03-18T00:42:28","date_gmt":"2016-03-17T17:42:28","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=8344"},"modified":"2016-03-17T22:10:04","modified_gmt":"2016-03-17T15:10:04","slug":"reem-mall-progresses-in-abu-dhabi-as-800m-loan-moves-nearer","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/reem-mall-progresses-in-abu-dhabi-as-800m-loan-moves-nearer\/","title":{"rendered":"Reem Mall progresses in Abu Dhabi as $800m loan moves nearer"},"content":{"rendered":"


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\nAgility, the Gulf’s largest logistics company, has said that it is in the final stages of securing US$800 million in bank loans to invest in building Abu Dhabi’s latest mega mall.Kuwait-traded Agility last year revived dormant plans to build Reem Mall, a planned 2.8 million square feet shopping centre on the south side of Abu Dhabi’s Reem Island, when it agreed to invest up to US$224 million in the project through its United Projects for Aviation Services Company unit.
\nHowever, Agility’s chief executive, Tarek Sultan, did not name any of the banks with which he was negotiating. Plans for the US$1 billion Reem Mall were originally drawn up by the Kuwaiti developer National Real Estate Company (NREC) before the global financial crisis. In June, United Projects for Aviation Services Company stepped in with the promise of funding through another subsidiary, Al Arfaj Real Estate.
\nSince then work on the project, which is due to include the world’s largest snow play park, has sped up considerably. Following concept approval by Abu Dhabi’s Urban Planning Council in July, enabling works started on the mega mall at the end of December and the UPC granted Reem Mall detailed planning approval in January. The developers say they hope to appoint a main contractor later this month.This means that the developers expect construction of Reem Mall to be completed in 2018, the same year that the US developer Gulf Related plans to open its Al Maryah Central mall just a stone’s throw away on Al \u00adMaryah Island.
\nThe 2.3 million square foot Al Maryah Central project broke ground in November 2014 and the main contractor, Brookfield Multiplex, started construction in August.”As with any major development of this size, we have a range of funding streams secured or identified to take us through construction and opening,” said a spokesperson for Reem Mall. “All the financing required to meet our current commitments is in place and we have secured all of the equity required to enable us to finalise the funding and successfully complete the project.”
\nAccording to the developers, the mall will include an 11,600 square metre (124,860 sq ft) snow park, which will include activities such as sledging and luge runs, and zorbing. It will also include about 450 stores and 85 food and beverage outlets.A second phase of the Reem Mall project is slated to include 40,000 square metres of hotel space, 35,000 square metres of housing and 25,000 square metres of offices.
\nlbarnard@thenational.aeFollow The National’s Business section on Twitter
\n
\nSource : thenational.ae
\nRead more…Reem Mall progresses in Abu Dhabi as 0m loan moves nearer<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Agility, the Gulf’s largest logistics company, has said that it is in the final...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-8344","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-2aA","jetpack-related-posts":[{"id":21474,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-1bn-reem-mall-project-set-to-be-built-by-al-futtaim-carillion\/","url_meta":{"origin":8344,"position":0},"title":"Abu Dhabi's $1bn Reem Mall project set to be built by Al Futtaim Carillion","date":"July 31, 2016","format":false,"excerpt":"\r Abu Dhabi's US$1bn (Dh3.67bn) Reem Mall looks likely to be built by Al Futtaim Carillion after it was named as preferred bidder for the project.The developer behind Reem Mall said that it will now enter into detailed contract negotiations with Al Futtaim Carillion \"with the objective of finalising an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":48854,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabi-developer-aldar-sets-sights-on-yas-and-reem-projects\/","url_meta":{"origin":8344,"position":1},"title":"Abu Dhabi developer Aldar sets sights on Yas and Reem projects","date":"March 21, 2017","format":false,"excerpt":"\r Aldar Properties expects to invest Dh1.9 billion in developing four new projects on Reem Island and Yas Island in Abu Dhabi as part of the company's plans to boost its recurring revenue. Abu Dhabi's largest listed property developer said on Monday in a statement it plans to build a\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10528,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-urban-planners-working-on-ways-to-restart-stalled-reem-island-projects\/","url_meta":{"origin":8344,"position":2},"title":"Abu Dhabi's urban planners working on ways to restart stalled Reem Island projects","date":"April 13, 2016","format":false,"excerpt":"\r \r Abu Dhabi's Urban Planning Council is working on a plan to restart stalled property developments on Reem Island.According to UPC officials, the planning body is looking at ways to encourage property developers to restart construction work on a handful of unfinished towers on the island that were hit\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":166727,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-radisson-branded-waterfront-residences-project-announced-on-abu-dhabis-reem-island\/","url_meta":{"origin":8344,"position":3},"title":"New Radisson-branded waterfront residences project announced on Abu Dhabi\u2019s Reem Island","date":"December 8, 2025","format":false,"excerpt":"\r The AED1.2 billion development will be delivered by Royal Development Holding in collaboration with Radisson Hotel Group, adding to the capital\u2019s growing branded residential pipeline The post New Radisson-branded waterfront residences project announced on Abu Dhabi\u2019s Reem Island appeared first on Arabian Business: Latest News on the Middle East,\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2025\/12\/Reem-Island-1000x667-1.jpg?fit=1000%2C667&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":64984,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-eshraq-in-advanced-talks-to-buy-developer-reem\/","url_meta":{"origin":8344,"position":4},"title":"Abu Dhabi's Eshraq 'in advanced talks' to buy developer Reem","date":"August 30, 2017","format":false,"excerpt":"\r Deal would create the emirate's second largest listed real estate developer\r \r Source : arabianbusiness.com\r Read more...Abu Dhabi's Eshraq 'in advanced talks' to buy developer Reem","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":9524,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/al-maryah-central-super-mall-will-thrive-without-a-ski-slope\/","url_meta":{"origin":8344,"position":5},"title":"Al Maryah Central super mall 'will thrive without a ski slope'","date":"March 31, 2016","format":false,"excerpt":"\r \r Kevin Ryan, chief operating officer and managing director of Gulf Related, the company building Abu Dhabi's Al Maryah Central shopping centre, is adamant he does not need a ski slope in what will be the emirates' newest super-regional mall.\"We spent a lot of time thinking about whether we\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8344"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=8344"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/8344\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=8344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=8344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=8344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}