The long-delayed US$1 billion Reem Mall in Abu Dhabi has moved a step closer.
Kuwait’s National Real Estate Company said that a unit of United Projects for Aviation Services Company would invest $224 million in the project.
Originally conceived in 2008, Reem Mall was among a slew of real estate projects put on hold as the financial crisis hit.
The completed mall is expected to cover 2 million square feet, and house 535 shops and restaurants, as well as “some of the largest hypermarket space in the region”, according to Shane Eldstrom, National Real Estate’s vice president for development.
Construction is planned to begin next year, with completion pencilled in for 2018 – a decade after the project was first proposed.
“Our strategic partnership and investment in the Reem Mall project will ensure timely delivery of this significant addition to the region’s retail industry,” said Nadia Akil, chief executive of United Projects for Aviation Services.
“This is one of the most substantial investments that we have undertaken.”
Reem Mall will join an increasingly crowded retail landscape in Abu Dhabi. Construction of Yas Mall finished last week, while the 3.1 million sq ft mall Al Maryah Central is scheduled to open on Maryah Island in 2018. The Tourism Development and Investment Company expects to open a luxury mall on Saadiyat Island in 2017.
Reem Island is also set to benefit from increased transport links with the rest of Abu Dhabi.
Four bridges are set to link Reem Island with Maryah Island and the Tourist Club area of Abu Dhabi. The Belgian contractor Six Construct won a Dh330 million contract for construction of the project earlier this year. This will result in Reem Island being connected directly to Hamdan Street and Electra Street via Al Maryah Island, and is due to be completed in 2016.
Reem Island will also benefit from the planned Abu Dhabi metro, which will connect the island to Saadiyat Island, Yas Island and the airport, and is due for completion between 2016 and 2017.
abouyamourn@thenational.ae
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