Logistics giant Agility invests in Abu Dhabi's $1bn Reem Mall

Global logistics service provider, Agility, has invested in the $1.2bn (AED4.4bn) Reem Mall project that is being developed in Abu Dhabi. Reem Mall is being developed by Al Farwaniya Property Developments, which is a partnership between Agility, Agility affiliate, United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). READ: Reem Mall secures Estidama 2 Pearl design rating Al Farwaniya signed an agreement for a $457m (AED1.7bn) senior credit facility for the project. Spanning seven years, the facility is provided by regional and international banks, including Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. Reem Mall's announced that financing for the project was complete, with the latest agreement said to have launched the largest facility focussed on real estate in the UAE this year. Commenting on the agreement, Tarek Sultan, the chief executive officer of Agility, said: "The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. "The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action. "The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects." Faisal Sultan, chairman of NREC, added: "Reem Mall is moving forward in an exciting way. "It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. "We look forward to the day it opens its doors to its residents and visitors."

21 Nov 2017