Sharjah's Sahara Shopping Center has signed of a new financing agreement with Dubai Islamic Bank (DIB), HSBC and Mashreqbank. The three banks have agreed to offer Sahara Center a financing package valued at a total of 225 million Emirati dirhams ($61.2 million).
The agreement is the largest Islamic-structured syndicated re-financing scheme ever extended to a shopping complex in the UAE. As the lead manager, DIB will contribute a sum of Dh 100 million, while HSBC and Mashreqbank will provide Dh 75 million and Dh 50 million respectively.
Sahara Center, which opened in February of this year, was built at a total cost of Dh 400 million and is located in the growing Al-Nahda district on the Dubai-Sharjah highway. The shopping mall is one of the biggest developments in the Emirate of Sharjah.
The shopping and entertainment mall houses key anchor stores Debenhams, Toys R Us, Adventureland, THE One, and Century Cinemas, with Marks & Spencer, an additional anchor, opening shortly. The complex is owned jointly by Bukhatir Investments and Ghobash Investments. Built at a cost of Dh 400 million, the total built-out area of the mall is one million square feet. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
