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City of Arabia and ADCB sign agreement for retail outlets
- July 27, 2006, 10:29 pm
Abu Dhabi Commercial Bank (ADCB) and the Ilyas & Mustafa Galadari Group (IMGG) have this week agreed to arrangements whereby renters of retail outlets in the Gold Souk of the Mall of Arabia will be be able to apply for long term lease discount loans from the bank.
This attractive scheme is available for retailers who wish to take a 30 year lease on a property in the Gold Souk. The lease finance will allow for a maximum 70% loan value over a 7 year period.
Mr. Hassan Jarrar, Head of Business Banking Group, ADCB commented, “The City of Arabia is offering a unusual opportunity to retailers and we are pleased to be able to assist them in taking advantage of this. For ADCB, being involved in such an innovative scheme aptly demonstrates the flexibility of our business banking products.”
The Mall of Arabia will house one of the largest gold souqs in the world where international jewellers and gold merchants from across the Middle East, Europe, Asia, Africa, Australia and America will offer an unprecedented product range. Located adjacent to the boutique retail outlets and neighbouring the fashion centre of the Mall, the Gold Souq will become a focal point for exquisite jewellery whilst cafés and rest areas will provide ample opportunity for consumers to absorb the sophisticated atmosphere and vibrancy of the dazzling souq experience.
Located in the heart of Dubailand, the Mall of Arabia, with a GLA of 10 m sq ft (inc Phase 1 & 2), will be one of the largest in the region and indeed, the world. Forming a key element of the City of Arabia development, it will have direct and exclusive access to the world class Restless Planet Dinosaur Theme Park on Level 2, and will be linked to the rest of the complex, a mix of hotels, commercial and residential real estate plus boutique restaurants and shops, by small electrically powered boats on the ‘wadi’ and an automotive people mover. Construction has already begun on the project with piling underway for the Mall of Arabia.
Mr.Mustafa Galadari, Vice Chairman of Ilyas & Mustafa Galadari Group said, “A special point of difference with the Gold Souq is the opportunity for jewellery retailers to purchase their units on a unique ownership programme, as opposed to the usual short term rental. Commercial rents have risen 15% over the past year, so for retailers, the 30 year lease opportunity in the Gold Souq will provide a welcome hedge against continued increases. We hope to create long term partnerships with these retailers and make them part of our success story.”
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