Tourism Development & Investment Co delays fund-raising plans for huge shopping mall, sources say |GulfNews.com

Tourism Development & Investment Co delays fund-raising plans for huge shopping mall, sources say |GulfNews.com:



"Tourism Development & Investment Co (TDIC) has delayed fund-raising plans to build Abu Dhabi’s largest shopping mall in collaboration with a unit of French luxury goods firm LVMH, three sources aware of the matter told Reuters.



The move by the Abu Dhabi state-owned investment fund, coupled with management changes at the joint venture and lower oil prices hitting spending in the Gulf region, casts doubt on whether this key part of the emirate’s infrastructure plans will go ahead. TDIC declined to comment on the project or its funding plan. TDIC had been in talks with banks late last year to raise the cash for The District, with a view to finalising a deal by the end of January, allowing building work to start by March or April, a company source told Reuters in December.



But three sources told Reuters on Tuesday that the funding had been delayed."



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