Banks cau­tious on lend­ing

7 Days in Dubai - - BUSINESS -

The de­vel­oper of a $1 bil­lion mall in Abu Dhabi has said banks have be­come re­luc­tant to fi­nance real es­tate projects amid con­cern the prop­erty mar­ket is slow­ing. Ken Him­mel, an ex­ec­u­tive at New York de­vel­oper Re­lated, whose joint ven­ture Gulf Re­lated is build­ing Al Maryah Cen­tral in the cap­i­tal, told Bloomberg TV that “ev­ery­one is far more cau­tious about un­der­writ­ing any­thing to­day.” Al Maryah Cen­tral will house the Gulf’s first Macy’s de­part­ment store, along with a Bloom­ing­dale’s, The Toy Store and Waitrose. Gulf Re­lated se­cured a $626 mil­lion loan from Abu Dhabi Com­mer­cial Bank a year ago to help fi­nance the mall.

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