CDP issues $300 million loan for new shopping mall in Dubai
Italy's Cassa Depositi e Prestiti financial group (CDP) has undertaken its first real estate operation in the UAEs, issuing a $300 million (€268.7 million) loan that provides financial backing to Salini Impregilo - an Italian industrial contractor specialised in complex infrastructure - for the building of the first batch of the Meydan One Mall in Dubai.
Overall, the funding issued to the Meydan group for the new, $1.5 billion (€1.3 billion) shopping mall, is backed by SACE, SIMEST and CDP, as well as by a pool of international banks.
The project is part of a broader venture which includes also the building of a large residential, commercial and tourist complex. For the time being, the Meydan One Mall is scheduled to be completed in time for the launch of the Dubai 2020 Expo.
With this investment, CDP confirms its support for the international expansion of Salini Impregilo, one of Italy's largest industrial groups, with 35,000 employees and an annual revenue in the region of €6.1 billion, which is active in major infrastructure projects in over 50 countries worldwide.
The real estate sector in the UAEs is forecast to grow considerably, especially in the retail and hotel sector, driven by rising consumption expenditure - +6.5% on average in the next four years - and by the increase in tourism flow to the Emirates. The latter is estimated at +7.9% for the 2017-20 period, while the average increase for the Arab Gulf region as a whole is estimated at 4.8%.
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