Al Ahli Holding Group to redefine the UAE value shopping category through an AED 1.25 billion Islamic club financing facility for Dubai Outlet Mall expansion

Dubai, United Arab Emirates: Seeking to redefine the value shopping space in the UAE retail arena, Al Ahli Holding Group announced a significant development in the Dubai Outlet Mall expansion today. Dubai Outlet Mall secured an Islamic club financing facility worth AED 1.25 billion for the expansion and general corporate purposes. Dubai Outlet Mall is part of the Al Ahli Holding Group, which is a major UAE conglomerate.

Dubai Islamic Bank acted as the coordinator, mandated lead arranger, bookrunner, investment agent and security agent for the transaction with Ajman Bank, Al Hilal Bank and Noor Bank participating as financiers in the facility.

The expansion will enhance the position of Dubai Outlet Mall as a favoured retail hotspot for shoppers from all over the UAE and the GCC. Through a huge selection of global brands, family entertainment and dining options, the expansion will make Dubai Outlet Mall shopping a memorable experience for visitors.

Dubai Outlet Mall pioneered the Outlet Shopping category a decade ago when it entered the UAE retail market. 

Scheduled to open in the fourth quarter of 2019, the expansion of Dubai Outlet Mall will see 3 million square feet added to the existing 1.1 million square feet of built up area; making Dubai Outlet Mall one of the largest outlet malls in the world. There will be a mix of hypermarket, cinemas and multiple levels of ambient lifestyle-focused retail and dining options.

On the occasion, Mohammed Khammas, CEO of Al Ahli Holding Group, said: “Securing a finance facility from leading banks like Dubai Islamic Bank, Ajman Bank, Al Hilal Bank and Noor Bank is a significant testament to the confidence in the project and Al Ahli Holding Group capabilities. This move and the eventual expansion of Dubai Outlet Mall also marks our intent to set new industry standards in the value shopping space; meeting customer expectations and enhancing our position as an industry leader.”

Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, said: “We are pleased to be associated with the Dubai Outlet Mall expansion which will position it on a strong growth trajectory while being a distinctive addition to Dubai’s retail offering. As the largest Islamic Bank in the UAE, Dubai Islamic Bank has been actively involved in supporting the development of the retail sector in the country, and coordinating the financing of this project further cements our commitment to the sector.”

 Mr. Mohamed Amiri, CEO of Ajman Bank, said, “We at Ajman Bank are delighted to have partnered with Al Ahli Holding Group for financing the expansion of Dubai Outlet Mall which is one of the most trusted and premium retail destinations in the region. This agreement is a true reflection of Ajman bank’s focus and keenness of the bank to support the retail sector by financing specific development projects that creates compelling new retail and lifestyle experiences and supports the city’s growth outlook of further strengthening its core economic sectors, including retail, tourism and hospitality. The tie-up reflects Ajman Bank’s commitment to ensure that its customers’ needs are met optimally and is in line with its objective to offer compelling new retail and lifestyle experiences while supporting prestigious developments in the buoyant retail sector.”

Alex Coelho, CEO of Al Hilal Bank, commented: “Ranking 5th in the global retail index, the UAE continues to reinforce its position on the global economic map. Dubai Outlet Mall has always been an appealing platform for local, regional and international retailers, attracting large numbers of tourists and shopping enthusiasts. At Al Hilal Bank we strongly believe that the expansion will further strengthen the mall’s value proposition.  Our collaboration on this project is in line with our objective of contributing towards the UAE’s economic diversification. We look forward to partner with Al Ahli Holding Group to deliver yet another success story in the UAE.”

John Iossifidis, CEO of Noor Bank, said: “We are proud to collaborate with Al Ahli Holding Group as well as our partner banks to fund the expansion of Dubai Outlet Mall. The financing facility is a strong endorsement of our proven ability to provide targeted and comprehensive Shari’a-compliant financial solutions that meet our clients’ strategic objectives. Furthermore, our support for one of the UAE’s prime retail destinations reinforces our unwavering commitment to contribute to the development of the country’s thriving retail sector.”

In addition to these new developments, Dubai Outlet Mall also celebrated the prominent milestone of its 10 year anniversary with a wide variety of activities to reward shoppers ranging from chances for visitors to get into a draw to win a Mediterranean cruise or concert tickets to the Ed Sheeran show, unbeatable bargains with amazing offers, offering free makeovers to shoppers etc. Various activations to create excitement were also conducted with fitness related group activities for visitors to enjoy along with a cooking demo for family and kids among others.

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About Al Ahli Holding Group:

Al Ahli Holding Group is a multi-diversified international conglomerate with over four decades of successfully dealing with business activities ranging from real estate to turnkey construction, engineering and infrastructure, retail and trading, technology and logistics, lifestyle and fitness, entertainment, hospitality and innovative developments.

With great passion and a very active portfolio in the entertainment industry, AAHG operates innovative and ground-breaking projects in the UAE. Amongst its portfolio, AAHG owns Dubai Outlet Mall, which is the first outlet mall concept in the Middle East; constructed major landmarks in the Eastern region of UAE; holds the exclusive largest franchise rights to US-based Gold’s Gym International in the Middle East and Africa; established Al Ahli Plastics, one of Middle East’s largest plastic manufacturing companies; holds licenses to publish Marvel, Warner Bros., DC Comics and Sanrio comics and activity books; recently opened Comicave, the world’s largest comic and superhero collectibles destination store at Dubai Outlet Mall; launched Singapore-based companies with Comicave Studios, manufacturer of high-end collectibles and toys and Universal Events, to host and organize comic and pop-culture based events and conventions.

The company recently acquired the Audience, one of the world’s largest publishers of multi-channel social and digital content to create new direct-to-consumer media services. In addition AAHG has also launched 117 Live, an events company dedicated to hosting international live events and offering events-based ancillary services.

© Press Release 2018

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