NATIONAL Real Estate Company (NREC), a leading real estate developer in the Middle East and North Africa (Mena) region, has signed a new partnership with United Projects for Aviation Services Company (UPAC) to develop Reem Mall, a retail destination in Abu Dhabi.
Under the agreement, UPAC, a leading real estate management company in Kuwait, will invest up to $224 million through its real estate subsidiary, Al Arfaj Real Estate Company, marking a key milestone for the UAE retail mega project.
Reem Mall will be a 2-million-sq-ft retail, leisure, dining and entertainment destination, located on Reem Island, a new master-developed residential and commercial zone adjacent to Abu Dhabi island, which will eventually be home to more than 200,000 people.
The $1-billion project, which is currently at the final concept design stage, will start construction next year and is expected to open in 2018. On completion, Reem Mall will bring a wide range of family-focused retail, leisure and entertainment offerings to Abu Dhabi including 450 stores and 85 restaurants.
Samuel Sidiqi, chief executive officer of NREC, said: “This is an important milestone on the path to creating an exciting new retail, leisure and entertainment destination, right in the heart of new Abu Dhabi.
“There is clear recognition that Abu Dhabi needs a world-class, centrally-located retail centre to meet the needs of the main island and of Reem Island’s residents. Our partnership with UPAC signifies a major step towards delivering this.”
Nadia Akil, chief executive officer of UPAC, said: “Our strategic partnership and investment in the Reem Mall project will ensure timely delivery of this significant addition to the region’s retail industry.”
“This is one of the most substantial investments that we have undertaken and it will significantly enhance our relationships with major industry partners such as NREC, as well as solidify our position as a leading real estate management company,” he added.