Abu Dhabi, UAE, 22 April 2018: 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.
About Reem Mall
Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The Reem Mall project will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including Snow Park Abu Dhabi by Majid Al Futtaim.
For more information please visit the website: www.reemmall.ae
Please connect with us on Facebook: facebook.com/reemmall
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.1 billion in revenue and more than 22,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions to meet traditional and complex customer needs. GIL offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support.
Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa.
Over the years, NREC has grown into one of the largest real estate companies in the region with assets exceeding US$ 1.8 billion.
Headquartered in Kuwait, NREC has subsidiaries and developments across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects (completed or under development) includes offices, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and required knowledge in property management of commercial complexes and shopping centers.
For more information please visit the website: www.nrec.com.kw
Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.
About Reem Developers
Headquartered in Abu Dhabi, Reem Developers is one of the key developers in the capital, contributing to the city’s cosmopolitan skyline in alignment with the Abu Dhabi 2030 vision. A subsidiary and real estate arm of the prestigious Reem Investments, Reem Developers delivers immaculate quality projects, leaving a mark on the city with creative, efficient and functional design.
With a diverse portfolio of successful projects, Rawdhat, Najmat and Nalaya villas are a few that have redefined vibrant living and tranquil bliss in one setting. A blend of natural beauty and modern innovation, these projects rise to the forefront with their conceptual essence, highlighting the distinguished standard Reem Developers produces.
Najmat, a 165 hectare Manhattan-like township covers 20% of Reem Island. Najmat will be home to residential and commercial towers and will also feature a marina, canal, waterfront promenades, hotels, shopping malls, schools, healthcare facilities, mosques, parks and ample open spaces. The first two of three infrastructure phases are complete and development is currently underway.