Cityland Group Secures Financing for Construction of Cityland Mall
Cityland Group has secured a significant Financing from a banking consortium led by Emirates NBD and Burgan Bank. This financing will cover the ongoing construction costs for Cityland Mall, the world’s first ‘nature-inspired’ shopping destination, which is slated to open in 2018.
Fahimuddin Sharfuddin, CEO and Board Member of Cityland Group, commented: “Securing this term loan signifies the banks’ confidence in the project and our capabilities. With construction progressing and leading retailers onboard, we are moving steadily toward our opening goals.”
Emirates NBD’s General Manager – Corporate Banking, Salah Mohammed Amin, emphasized the mall’s appeal: “We are delighted to support this strategically located, visionary project, which we believe will generate sustainable returns and enhance Dubai’s retail landscape.”
Ahmed Al Qassim, CEO of Emirates NBD Capital, added: “This landmark development reaffirms Dubai’s position as the region’s premier retail destination. We are proud to be part of its story.”
Raed Al Haqhaq, Deputy CEO – Kuwait of Burgan Bank, echoed that sentiment: “We are pleased to finance this one-of-a-kind retail concept. Cityland Mall represents the future of environmentally inspired shopping experiences that enrich local communities.”
Leasing momentum continues, with 30% of retail space already committed. Cityland Mall will feature 350 stores, a 100,000 sq. ft. Carrefour hypermarket, and a 10-screen VOX Cinemas complex with signature F&B concepts.
The 2.2 million square foot project is being managed by JLL and construction has passed the 60% completion mark. MEP works are advancing, particularly in key areas including the hypermarket, entertainment zone, and the Central Park ring structure.
Cityland Mall’s central feature, the 200,000 sq. ft. open-air botanical garden, will serve as the green nucleus of the circular-shaped mall. Once completed, it will attract residents from surrounding communities like Arabian Ranches, Marjan, Al Barari, and Falcon City — offering a mall experience within reach of the Dubailand corridor.