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National Real Estate Company (NREC), one of the leading MENA real estate developers, has announced a new partnership with United Projects for Aviation Services Company (UPAC) to develop Reem Mall – one of Abu Dhabi’s most important retail destinations.
Under the agreement, UPAC – one of Kuwait’s leading real estate management companies – will invest up to US $224 million through its real estate subsidiary, Al Arfaj Real Estate Company, marking a key milestone for the UAE retail mega project.
Reem Mall is a 2 million sq ft retail, leisure, dining and entertainment destination, located on Reem Island, the new master-developed residential and commercial zone adjacent to Abu Dhabi island, which will eventually be home to more than 200,000 people.
Currently at final concept design stage, the US$ 1 billion project will start construction in 2015 and expects to open in 2018. Once completed, 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 commented:
“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.”
Established in 2000, and headquartered in Kuwait, UPAC is a leading player in commercial projects that foster development and growth in the region’s real estate sector. Its services cover project management and consultancy, real estate development as well as property and facilities management.
Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. Reem Mall will be one of the largest and most ambitious projects that NREC has undertaken and more announcements on the Mall’s progress are to be made over the coming period.
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