Mubasher TV
Contact Us Advertising   العربية

Waha Capital unit signs AED 426m financing deal

Waha Capital unit signs AED 426m financing deal
One of Waha Capital's meetings (Photo Credit: Company's twitter account)
Waha Capital
OILC
-0.58% 1.71 -0.01
Emirates Islamic
EIB
14.91% 7.40 0.96

Abu Dhabi-Mubasher: Waha Land, a wholly owned subsidiary of Waha Capital, signed a AED 426 million financing package with Emirates Islamic Bank, according to a statement.

The financing package will used for further development of the subsidiary’s industrial real estate project Al Markaz following the successful leasing of existing facilities.

The project’s phase 2 will add an additional 187,000 m2 of premium industrial and logistics facilities, in addition to retail and commercial amenities.

“The new phase will be constructed in 2 packages, with the first buildings of the initial 92,500 m2 package available for occupancy in June 2017,” the statement highlighted.

The first package along with retail and commercial amenities is expected to be handed over by the fourth quarter of 2017, while the remainder of phase 2 is expected to follow the delivery of the initial package.

Ali and Sons Contracting Company was appointed to deliver the first package.