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Itinera Ghantoot officials at the Reem Mall signing ceremony.

Itinera Ghantoot seals $1.2bn Reem Mall contract

ABU DHABI, November 27, 2017

The Reem Mall consortium has signed up Itinera Ghantoot as lead contractor for its $1.2-billion shopping, leisure and entertainment project coming up in capital Abu Dhabi.

Itinera Ghantoot is a joint venture between top Italian construction company Itinera and big UAE builder Ghantoot, which has extensive experience in Abu Dhabi and the emirates.

The group backing Reem Mall project had last week announced that it had signed a $457-million senior credit facility to complete financing on the project, a mega-mall of 450 stores and food and beverage outlets spread over 2.9 million square feet in the Najmat District of Reem Island.

The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies: Top logistics major Agility, its affiliate United Projects for Aviation Services Company (UPAC) and National Real Estate Company (NREC).

Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations to the planned mega-mall project.   

The mall will also offer education attractions and family-focused entertainment such as Snow Park Abu Dhabi.

Shane Eldstrom, the CEO of Al Farwaniya Property Developments, said: "This is a major milestone towards delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination. We are very excited about working with the Itinera Ghantoot JV."

"We are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of," noted Eldstrom.

Ghantoot is one of the Middle East’s leading construction, development and service groups, specializing in civil engineering, electrical projects, road construction and transport and marine services. while Itinera is responsible for construction of showcase projects across the USA, Latin America, Europe, and Africa.

The Reem Mall contract follows Itinera’s success with Il Centro mall in Arese, Italy, one of Europe’s 10 largest shopping centres. Il Centro received the Mapic Award for the Best Shopping Mall in the World in 2016.

Massimo Malvagna, the chief executive of Itinera, said: "This prestigious contract to build Reem Mall rewards Itinera’s skills and know-how in highly complex civil and industrial building projects that have architectural, commercial, and social value."

"We are proud to participate in this initiative and to partner with Ghantoot, which has a global reputation for finding the creative solutions to complex projects. Together, we will be able to deliver something special for Abu Dhabi," he added.

Manea Ali Al Balooshi, the managing director of Ghantoot Transport and General Contracting, said: "We are always looking for ways to turn imaginative ideas into leading products and services and it is an honour for us to work alongside the distinguished Itinera for the successful development of Reem Mall."

"We look forward to delivering this iconic retail establishment to Abu Dhabi in the timeliest manner.”
Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is set to have a population of 200,000 at completion," he added.-TradeArabia News Service




Tags: abu dhabi | contractor | Reem Mall | Itinera Ghantoot |

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