This is the CDP group's first real estate initiative in the UAE
The loan involves SACE, SIMEST and CDP joint action with a pool of international banks
Rome/Dubai, 31 August 2017
The CDP group is supporting through a 300 million dollar loan the supply contracts assigned to Salini Impregilo in order to complete the first phase of the upcoming Meydan One Mall in Dubai, UAE. .
The credit line, issued by CDP, Standard Chartered and UBI Banca is totally guaranteed by SACE, with interest rate make-up provided by SIMEST.
Meydan Group has been commissioned to build a new Mall worth 1.5 billion dollars. The project is part of a larger initiative which includes the construction of a great residential, commercial and touristic complex. As part of the first phase, Meydan One Mall will be ready for the launch of Expo Dubai 2020.
With this transaction, the CDP Group is involved in its first real estate project in the United Arab Emirates, confirming its support to the international growth of major Italian groups which are active in large projects worldwide.
The real estate sector in the UAE is expected to achieve a significant growth especially for what concerns the retail and hotel segments, due to the rising consumer spending (+6.5% annual average in the next four years, for over € 250 billion in 2020) and to the flow of tourism (+7.9% annual average in 2017-2020 in the UAE if compared with a 4.8% growth in the whole Middle East Gulf Area). In particular, Expo Dubai 2020 will be a powerful catalyst for development in real estate and infrastructures, even once the event will be concluded, due to the massive public investments in line with the UAE Vision 2021 government plan and to the engagement of foreign investors in a few key projects. The CDP Group has already showed its interest in supporting potential Italian deals.