Burgan Bank signs deal to finance Dubai Cityland Mall
$94.24m retail project to be Dubai’s flagship shopping destination
KUWAIT: 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 to the tune of $94.24 million. The landmark transaction, enabled by a consortium of banks, will accommodate 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 Central 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 multisensory 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 reinvent 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 percent 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.
Established in 1977, Burgan Bank is the youngest commercial Bank and second largest by assets in Kuwait, with a significant focus on the corporate and financial institutions sectors, as well as having a growing retail, and private bank customer base. Burgan Bank has majority owned subsidiaries in the MENAT region supported by one of the largest regional branch networks.
The Bank has continuously improved its performance over the years through an expanded revenue structure, diversified funding sources, and a strong capital base. The adoption of state-of-the-art services and technology has positioned it as a trendsetter in the domestic market and within the MENA region.
Burgan Bank’s brand has been created on a foundation of real values - of trust, commitment, excellence and progression, to remind us of the high standards to which we aspire. ‘People come first’ is the foundation on which its products and services are developed. The bank was re-certified with the prestigious ISO 9001:2008, making it the first bank in the GCC, and the only bank in Kuwait to receive such accreditation for the third consecutive year. The Bank also has to its credit the distinction of being the only Bank in Kuwait to have won the JP Morgan Chase Quality Recognition Award for twelve consecutive years.
Burgan Bank, a subsidiary of KIPCO (Kuwait Projects Company), is a strongly positioned regional Bank in the MENA region.