KUWAIT CITY, July 22: Burgan Bank is pleased to announce that it recently concluded a strategic deal committing to finance Dubai’s Cityland Group’s flagship retail project — Cityland Mall in the tune of $ 94.24 million. The landmark transaction, enabled by a consortium of banks, will accomodate the ongoing project construction costs of the 2.2 million square feet mall complex and world-class family destination. The deal reflects Burgan Bank’s ever growing presence in the region as it solidifies its position as a regional financial powerhouse.
The $ 142.74 million iconic project includes The Centaral Park, Cityland Mall’s open-air garden and a hallmark attraction that makes it distinctive in the region and across the globe. The extraordinary garden will provide a multi-sensory experience from the mini version of the famed Miracle Garden, a 300-year old ancient Japanese tree garden along with a 500-meter jogging track, a children’s waterpark, a roof-top garden, an amphitheater and other aquatic attractions. Cityland mall, a project by a UAE-based conglomerate, will be the only major destination mall opening in 2018 in Dubai.
Raed Al Haqhaq, Deputy Chief Executive Officer-Burgan Bank Kuwait, said: “We are delighted to be one of the main banks financing the world’s first “nature-inspired” shopping destination. This new venture reflects Burgan Bank’s foresight in capitalizing on growth opportunities as they emerge and our commitment to constantly re-invent ourselves to accommodate diverse market needs, while contributing to the transformation of our region for the betterment of our communities.’’
Also commenting on the deal, Raed Al Haqhaq said: “As a prime financier and a growing regional player, we are confident that Cityland Mall is an attractive investment. Indeed, 30% of the available retail space has already been booked by big regional and international brand names that will make it a great success. Burgan Bank is pleased to have taken this pivotal step cementing a landmark deal that will propel regional growth.”
With 29 branches in Kuwait and 186 branches across the Middle East, North Africa, and Turkey, Burgan Bank is the second largest conventional bank by assets in Kuwait and a robust regional financial institution. Its credit ratings has been considered as one of the highest in the region by Standard & Poor’s, Fitch ratings and Moody’s.