BurJuman expansion project moves into final construction phase
The BurJuman Center expansion project has entered its final construction phase. The 1.4 billion Emirati dirham ($381.1 million) project will elevate BurJuman from its present position as shopping complex to a commercial and residential destination. The retail section of the mall will be opened by mid-December this year.
According to the Center’s President Majid Saif Al-Ghurair, some 66 percent of construction on the retail development had been completed. When accomplished, the entire project will have an area of 4.4 million square feet - four times the space taken by the existing mall. It includes a 22-storey office tower and a residential complex.
On the retail side, space will almost triple to 800,000 square feet from the current 300,000 square feet. BurJuman, which caters largely to an audience of middle-upper income customers, is already home to several prestigious brands many of whom have chosen the mall as their flagship or exclusive address in Dubai.
The project is partly financed by BurJuman Center, and is secured by the region's leading financial institutions. Three leading United Arab Emirates (UAE) banks, Emirates Bank International, National Bank of Dubai and MashreqBank are financing half of the project through a combined loan package worth Dh 600 million ($163.3 million), the longest corporate-term loan facility ever placed in the UAE. — (menareport.com)
© 2003 Mena Report (www.menareport.com)