With a 300 million dollar loan, the CDP Group supports the supplies awarded to Salini Impregilo for the construction of the first lot of a new shopping center in Dubai.
The line of credit – disbursed by CDP, Standard Chartered and Ubi Banca in favor of Meydan – is 100% guaranteed by SACE with the intervention of SIMEST on the interest rate.
The Meydan Group has been contracted to build a new $1,5 billion shopping mall. The project is part of a larger initiative which involves the construction of a large 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, the CDP Group realizes its first real estate project in the United Arab Emirates, confirming its commitment to supporting the international growth of one of the major Italian groups active in the construction of major works all over the world.
In the real estate sector in the United Arab Emirates, significant growth is expected especially in the retail and hotel segment, driven by increasing consumer spending (+6,5% on average per year over the next four years, for over 250 billion euros in 2020) and by flows of tourist arrivals (+7,9% on average per year in 2017-2020 in the Emirates against an average growth of 4,8% in the entire Gulf area). In particular, Expo Dubai 2020 will be a powerful catalyst for the development of the real estate and infrastructure sector, even once the event is over, thanks to the huge public investments planned in line with the UAE Vision 2021 government agenda and the attraction of foreign investors in some key projects. The CDP Group has already notified the government of the emirates of its interest in supporting any Italian contracts
