Abu Dhabi-based developer Tamouh Investments has signed a AED310 million ($84.4 million) facility to fund the final phase of the construction of Tamouh’s Paragon Bay Mall in Marina Square, Reem Island.
The ten year project financing will be provided by Abu Dhabi Islamic Bank (ADIB), which was the mandated lead arranger and sole bookrunner for the transaction.
The company said in a statement that Paragon Bay Mall will be the first lifestyle community mall in Marina Square, offering waterfront dining, a selection of 180 shopping outlets and a marina with 120 berths when it opens next year.
Kashif Shamsi, Tamouh’s Group chief financial officer, said: “We are pleased to have secured financing for the final phase of Paragon Bay Mall’s construction, which reflects the trust that the bank has in Tamouh‘s commitment to deliver our projects.
“The mall marks the start of the next phase of the development of Marina Square as we look to further expand the community with the addition of a hotel and residential units over the coming years. The transaction is a clear indicator of the stability of the Abu Dhabi real estate market and Tamouh’s commitment to the continued sustainable development of Reem Island.”
Arif Usmani, global head of Wholesale Banking Group of ADIB, added: “We are proud to partner with proven developers like Tamouh to support the continued development of the UAE economy. Paragon Bay Mall’s fusion of leisure, entertainment and retail exemplifies this approach. When it opens next year, the Tamouh Investments-led project will represent a positive addition to Reem Island, one of Abu Dhabi’s most popular and fastest-growing neighbourhoods.”