Monday 25 March 2019

Abu Dhabi's $1.2bn Reem Mall on track for 2020 opening

DUBAI, April 22, 2018

Al Farwaniya Property Developments, the developer behind Reem Mall – Abu Dhabi’s latest retail, leisure and entertainment destination, said work is progressing well on its ambitious $1.2-billion project.

The news comes after a $457-million senior credit facility was signed to complete the financing on the project and Itinera Ghantoot, a UAE-Italy joint venture, was appointed as lead contractor in late 2017.

The construction of the mall started last year and is due for completion by the end of 2020.

During the first three months of 2018, vast areas of excavation and backfill have been carried out and several major structural concrete pours have been completed.  

Al Farwaniya Property Developments said seven of 14 tower cranes have been erected on site, while the remainder will be finalised by the end of the month.

With its completion, Reem Mall will bring over 2.9 million sq ft of retail, world-class leisure and entertainment facilities to the UAE capital such as Snow Park Abu Dhabi.

CEO Shane Eldstrom said: "Reem Mall will set a new benchmark for shopping, leisure and entertainment in Abu Dhabi and beyond. We have taken the time to thoroughly plan the financing and the physical construction of the project to ensure that it delivers a world class destination that Abu Dhabi and the wider UAE can truly be proud of."

"Construction on Reem Mall started late last year and we look forward to delivering this new lifestyle, retail and entertainment destination," he added.

The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies: Agility, Agility-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.

Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion.-TradeArabia News Service

Tags: abu dhabi | Reem Mall | Al Farwaniya Property Developments |

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