Majid Al Futtaim signs a loan of $281.6 million

UAE Almaza City Center

The UAE-based malls developer “Majid Al Futtaim” has announced signing a loan of 281.6 million dollars.

The company is currently working on establishing a new mall in Egypt under the name of “Almaza City Center”. It’s worth mentioning that the company has established many iconic malls in UAE and many other countries around the world like City Center Deera and UAE Mall in Dubai.

The loan is offered by a consortium of banks including Bank Audi, Arab Bank, Alexandria Bank, NBD, Abu Dhabi National Bank, Al Mashreq Bank, and National Bank of Kuwait.

According to a report issued by the local Egyptian daily Amwal Al Ghad the loan will cover only part of the mall investment which is worth 450.4 million dollars.

Almaza City Center project is expected to be totally delivered by the first quarter of 2019, according to a report.