CONSTRUCTION OF $1.2BN REEM MALL IN ABU DHABI UNDERWAY
Abu Dhabi,: Al Farwaniya Property Developments, the developer behind Reem Mall – Abu Dhabi’s latest retail, leisure and entertainment destination, today announced that construction of the $1.2bn project has commenced.
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 in late 2017 and is planned to be completed by end 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. There are 7 of 14 tower cranes erected on site, the remainder will be finalized by the end of the month.
Reem Mall will bring over 2.9 million square feet of retail, world class leisure and entertainment facilities, including Snow Park Abu Dhabi.
Shane Eldstrom, CEO of Al Farwaniya Property Developments, 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.”
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.