Abu Dhabi - MENA Herald: Abu Dhabi’s Reem Mall project took a major step forward today as construction officially began on the $1 billion development.
Senior executives from NREC and UPAC – the developers behind Reem Mall – broke ground on the 6.1m sq ft project, which will become Abu Dhabi’s new up and coming entertainment, leisure, dining and shopping destination.
Located on Reem Island, the significant mall development is strategically positioned within the new master-developed residential and commercial zone, which – according to Abu Dhabi’s Urban Planning Council – will eventually be home to more than 210,000 people.
Once completed, Reem Mall will bring a wide range of unique family-focused retail, leisure and entertainment offerings to residents and visitors of the UAE capital. Home to the world’s biggest indoor snow play, the development is set to include some 450 stores including 85 food and beverage outlets.
With construction now underway, the mall is expected to open in 2018.
“Reem Mall is one of the biggest and most significant leisure and retail developments ever undertaken in Abu Dhabi, and it is a very proud day for all involved in this remarkable project, “commented Faisal Sultan, Chairman of NREC, at the ground-breaking.
“Over the past 18 months, we have built incredibly strong momentum for the project and this is set to continue as we enter this new phase of development. Home to the world’s largest indoor snow play and more than 450 shops, Reem Mall will transform the face of retail on Reem Island and across Abu Dhabi, affirming its position as one of the most important retail projects in the region.”
Nadia Akil, CEO, UPAC, said: “Reem Mall is the most exciting and significant project that UPAC has been involved with and we are delighted to officially mark the beginning of construction with NREC today. We have seen Reem Mall continue to go from strength to strength and look forward to working closely with our delivery partners and expert consultant team to make this project a reality over the next three years.”
Over the past 18 months, Reem Mall project has achieved a number of significant milestones.
The project recently announced that Reem Mall will host the world’s largest indoor snow play which will be a major attraction for visitors from across the region.
The developers also finalised a new corporate structure which includes six new board appointments. Reem Mall’s senior executive team now consists of Samuel Sidiqi as Chief Executive Officer, Deepak Jain as Chief Financial Officer, Shane Eldstrom as Chief Operating Officer and Stuart Ingram, Director of Development.
Other key milestones include appointing organisations such as mSquared, RTKL, Dewan and Mace to provide consultancy on key areas including retail advisory services, design, architecture, engineering and project 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.
UPAC is one of Kuwait’s leading real estate management companies. Under the agreement, UPAC will invest up to US $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.