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Aldar to use debt to part-fund Yas Mall Aldar will finance up to 70 per cent of the $544.5 million project through debt, with a unit of Egypt's Orascom Construction building
UAE's Aldar Properties will use debt to part-fund construction of its mall on the island home of Abu Dhabi's Formula One race track, the developer's deputy chief executive said on Thursday. Earlier this month, Aldar awarded the main contract of Yas Mall to Six Construct, a unit of Orascom Construction . The value of the contract was set at 2 billion dirhams (US$544.5 million) "The mall's financing will be up to 70 per cent of debt depending on market conditions," Mohammed Al Mubarak, deputy chief executive of Aldar Properties told reporters at the sideline of an event. Mubarak said more than 40 per cent of Yas mall had already been let to retailers, with construction to begin in two weeks. "We expect 95 per cent to be leased by end of 2012," Mubarak said. The mall is scheduled for completion in final quarter of 2013 and will feature 235,000 square metres of retail trading area. Shares of Aldar were up 2 per cent on the Abu Dhabi bourse at 0900 GMT, rising for a second day since Tuesday's allt-ime low. Aldar, which was rescued by a $5.2 billion bailout by Abu Dhabi, is likely to appoint state fund Mubadala's Greg Fewer as chief financial officer following a board meeting today. http://english.ahram.org.eg/News/24636.aspx
