AUB signs $21.2 million Islamic debt deal with Muharraq Mall

15/09/2013 11:10 AST

The developers of Muharraq Seef Mall, the Muharraq Mall Company have signed an Islamic finance facility agreement with Ahli United Bank to borrow $21,250,000 to assist in partial financing of the construction of the mall.

Construction of the 70,000 sq m mall commenced in 2012 and is 50 per cent complete with around 80 per cent of the shops units already leased, according to a press statement.

Present at the ceremony were Sheikh Abdulla bin Khalifa Al Khalifa, Chairman of Muharraq Mall Company and Essa Najibi, Board Member of Muharraq Mall Company, Adnan Al Bassam, Vice Chairman of Muharraq Mall Company and Abdul Rahman Al Kooheji Board Member of Muharraq Mall Company.

Ahli United Bank was represented by Lloyd Maddock, DGCEO Corporate Banking, Prakash Mohan, Group Head of Corporate Banking and Omer Bin Mazhar, Senior Relationship Manager.

MMC Chairman Sheikh Abdulla bin Khalifa Al Khalifa said, “We are pleased to have reached agreement with AUB for the funding of this project which has been warmly received by tenants and the residents of Muharraq alike. We are eagerly looking forward to the opening of the Mall next year. The belief AUB have shown in the project has been a significant factor in the speedy completion of the funding deal.”


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