Bur­gan Bank signs deal to fi­nance Dubai City­land Mall

$94.24m retail pro­ject to be Dubai’s flag­ship shop­ping des­ti­na­tion

Kuwait Times - - BUSINESS -

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.

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