Work on a stalled US$1 billion shopping mall on Abu Dhabi’s Reem Island is set to restart after the developer hired an architect and set an opening date of 2018.
Kuwait’s National Real Estate Company yesterday appointed the Dubai architects RTKL Associates to work on the ambitious Reem Mall.
National Real Estate said the mall will have 450 stores, 85 restaurants, family entertainment and “some of the largest hypermarket space in the region”.
The developer said it expected construction of the mall, located on the southern coast of Reem Island close to the Marina Square complex, to start in 2015 and finish in 2018.
“The Reem Mall will become one of Abu Dhabi’s new major retail, leisure, dining and entertainment destination, serving the new heart of the capital,” predicted Shane Eldstrom, National Real Estate’s vice president for development. “Our modelling for Reem Mall was always based on developing the project as Reem Island itself was building momentum as a residential centre.”
He said that the mall will be one of the largest and most ambitious projects undertaken by the developer, which is Kuwait’s fourth biggest company.
National Real Estate first announced plans for the 360,000 square metre mall complex back in 2008. The developer says it is on the verge of making “significant changes and improvements” to the original plan, which had called for 170 Carina View apartments and a four-star, 500-room hotel.
Although a construction contract was signed in 2009 with Bauer International, work on the scheme ground to a halt during the global financial crisis.
In the intervening years, an increasing number of developers have entered the lucrative Abu Dhabi retail market. Aldar’s 235,000 sq metre Yas Mall is due to open in November, while Gulf Related hopes to open its 214,000 sq metre Sowwah Central mall on Al Maryah Island in 2017 and TDIC plans to open a 168,000 sq metre luxury mall on Saadiyat Island the same year.
“Recent announcements of new super-regional malls such as Sowwah Central, Saadiyat Mall/The District and Reem Mall together with the planned Marina Mall extension could increase Abu Dhabi’s retail supply significantly in 2017-18,” said Craig Plumb, head of research at the property consultancy JLL’s Dubai office. “This additional supply could cause rents to soften in the short to medium term as developers compete to secure the best retailers.”
lbarnard@thenational.ae
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Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Director: Christian Carion
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Engine: 2.7-litre 4-cylinder Turbomax
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Torque: 583Nm
Transmission: 8-speed automatic
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
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Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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UAE currency: the story behind the money in your pockets
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
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Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Specs
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