October 31, 2017 / 11:11 AM / a year ago

Majid Al Futtaim to finance $380 mln Abu Dhabi mall through debt, equity

ABU DHABI, Oct 31 (Reuters) - Dubai’s Majid Al Futtaim will fund its new 1.4 billion dirham ($381 million) City Center shopping mall in Abu Dhabi through a mix of debt and equity, a senior company official said on Tuesday.

Majid Al Futtaim is a Dubai-based holding company but also owns and operates shopping centres in the Middle East and North Africa. It is building a mall in Abu Dhabi under its City Center brand in a joint venture with privately owned Al Jazira Sports & Cultural Club, Abu Dhabi.

“The financing will be a combination of debt and equity equally by both partners,” Ghaith Shocair, chief executive, Shopping Malls, Majid Al Futtaim, told reporters after a ground breaking ceremony.

He declined to elaborate.

City Centre Abu Dhabi will have 153 retail outlets including a Carrefour hypermarket and Vox cinemas, he said.

The mall is expected to open in 2021.

Asked about prospects for another big mall in Abu Dhabi, which has at least six big malls and some smaller ones, Shocair said Majid Al Futtaim saw demand as Abu Dhabi’s population grows and as tourists flock into the emirate.

Abu Dhabi’s population is about 1.26 million and is expected to rise to 1.3 million by 2021, he said.

Abu Dhabi, capital of the United Arab Emirates is investing billions in industry, tourism and infrastructure to diversify its economy away from oil. ($1 = 3.6726 UAE dirham) (Reporting by Stanley Carvalho; Editing by Susan Fenton)

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