UAE's property developer Majid Al Futtaim Properties plans to invest USD 3.5bn to build four shopping malls in UAE, Egypt , Lebanon , and Syria over the next five years, the company said n a statement. Al Futtaim said its mall in UAE's Fujairah City Centre, covering 30,000-square meter is expected to finish by nest year. The Mall of Egypt, covering 158,400 square meters, and the Beirut Center in Lebanon, covering 60,000 square meters, are to be completed by 2013. The largest project in terms of space allocation will be The Mall of Syria, with 200,000 square meters, and is due for opening in 2014. Majid Al Futtaim currently operates 10 malls across the MENA region |
Bahrain Middle East Bank made a USD 13mn full repayment of a loan obligation including a USD 1.4mn interest payment taking total repayments by the troubled lender to USD 43mn, the bank said in ... more
National Bank of Abu Dhabi (NBAD), the UAE's largest lender by market value, initiated a USD 17mn fifteen-year Uridashi bond, MENA's first ever, allowing the bank to directly access Japanese ... more
The GCC economies remain insulated from economic and political turbulence in the MENA region and globally but structural challenges continue to constrain sovereign ratings, ratings agency ... more