Italy approves $300 mln loan for Dubai’s Meydan mall

Italian bank Gruppo Cassa Depositi e Prestiti (CDP) has granted a loan worth $300 million to Italian contractor Salini Impregilo for the construction of the Dubai-based Meydan One Mall project, the bank said in a statement.

The credit line is arranged by CDP with Standard Chartered Bank and UBI Banca, and is guaranteed by Italian export credit agency SACE, with the interest rate make-up provided by Italy’s SIMEST.

The mall construction is scheduled to begin by the end of this year and to be completed within 23 months. The first phase of the mall is expected to open in 2020.

In July, Salini Impregilo won the $435m contract from Meydan Group to build the Meydan One Mall.

The 3.7 square kilometer Meydan One development that includes the mall was launched in August 2015.

The development will be also be connected to the proposed extension to the Green line of Dubai Metro.