Mubasher: A consortium of three Boursa Kuwait-listed companies announced financing the Reem Mall Complex in Abu Dhabi, the UAE, according to recent statements.

Agility Public Warehousing, United Projects Company for Aviation Services (UPAC), and National Real Estate will invest $1.2 billion in the UAE project.

This deal will be the largest credit facility for a real estate asset in the UAE during 2017.

Agility, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), is undertaking major investments in the Emirate of Abu Dhabi, the CEO of Agility Tarek Sultan said.

Reem Mall will include 450 stores of local and international trademarks, besides restaurants and entertainment destinations specialised for families.

The UAE complex was developed by Al Farwaniya Property Developments, which is a joint venture between Agility, UPAC, and National Real Estate.

Al Farwaniya has signed a credit facility agreement worth $457 million for seven years with international and regional banks, namely Abu Dhabi Commercial Bank (ADCB), Gulf Bank of Kuwait (GBK), Noor Bank, and Standard Chartered Bank.