Construction has begun on Reem Mall, the long-delayed $1.2billion shopping centre project on Reem Island in the capital.
Originally conceived in 2008, Reem Mall was among a slew of real estate projects that were put on hold in the wake of the global financial crisis.
However, Al Farwaniya Property Developments confirmed on Sunday that construction commenced in late 2017, after a US$457 million senior credit facility was signed to complete the funding of the project.
The mall will feature over 2.9 million square feet of retail, leisure and entertainment facilities, including Snow Park Abu Dhabi, once it is complete.
Vast areas of the site were excavated in the first three months of this year and several major structural concrete pours were also completed, said the developer. Half of the 14 tower cranes are already on site, and the remainder will be in place by the end of the month.
Construction is scheduled to be completed by the end of 2020, according to Al Farwaniya Property Developments.
“Reem Mall will set a new benchmark for shopping, leisure and entertainment in Abu Dhabi and beyond. We have taken the time to thoroughly plan the financing and the physical construction of the project to ensure that it delivers a world class destination that Abu Dhabi and the wider UAE can truly be proud of,” said Shane Eldstrom, chief executive of Al Farwaniya Property Developments.
Al Farwaniya Property Developments is a partnership between three Kuwait-based companies: Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
Reem Mall site is located in the Najmat District on Reem Island, which is projected to be home to 200,000 residents by the time the project has been completed.