CDP, together with SACE, SIMEST and a pool of international banks, inks its first UAE real estate deal
CDP Group confirms its commitment to real estate in support of Italian companies, closing the first operation in sector in the UAE.
The $300 million loan to Salini Impregilio supports the Italian construction company’s supply contracts to complete the first phase of the upcoming Meydan One Mall in Dubai.
The credit line, issued by CDP, Standard Chartered and UBI Banca, is entirely guaranteed by SACE, with the interest rate make-up provided by SIMEST. The funding is in favor of Meydan Group, that is commissioned to build a new Mall worth $1.5 billion. The project is part of a larger initiative, which includes the construction of a residential, commercial and tourist complex. As part of the first phase, Meydan One Mall will be ready for the launch of Expo Dubai 2020.
With this transaction, CDP Group confirms its support to the international growth of major Italian groups which are active in large projects worldwide. The initiative is also part of a real estate development path in UAE, that will grow especially during Expo Dubai 2020. The event will be a powerful catalyst for progress as a result of public investment planned in line with the UAE Vision 2021 government plan and to the engagement of foreign investors in key projects.