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National Real Estate Company, the developer of Reem Mall, a $1 billion retail project in Abu Dhabi, has said it has issued a tender for the main contract works, with construction work set to begin early next year.
The announcement came as the company reported KD11.6 million in net profit for the first nine months of 2015.
The Kuwait-based real estate firm said operating revenues of KD14.8 million increased marginally from KD14.7 million for the same period in 2014.
Total assets of KD565.5 million increased by KD12.5 million from December 2014, it added in a statement.
NREC’s portfolio of rental and sale properties includes malls, office towers, residential complexes and resorts in Kuwait, Egypt, Jordan, UAE, Lebanon, Iraq and Libya.
NREC CEO Samuel Sidiqi said: “We are pleased to announce that we’ve recorded our second highest earnings over a five-year period despite the political and security challenges in some of our markets.
“We continue to make strong progress growing our business across all segments and key geographies.
“Our plans to construct Reem Mall in Abu Dhabi are rapidly advancing. We have recently signed a contract for enabling works and have issued a tender for the main contract works in order for construction to begin early next year. Reem Mall will set a new standard of retail excellence among Abu Dhabi malls when completed in second half of 2018.”
Last month, NREC said Reem Mall will be home to the world’s largest indoor snow-play park. The 125,000 square foot attraction is set to include a variety of activities and experiences from sledging to zorbing to luge.
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