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Tamdeen Group's US$ 700 million Al Khiran development to bolster Kuwait's retail and tourism growth

Tamdeen Group's US$ 700 million Al Khiran development to bolster Kuwait's retail and tourism growth

• 75,000-sqm high end 'Outlet Mall' with state-of-the-art entertainment and F&B components to showcase the project

• Resort style apartment living adjacent to a 5-star hotel with an international spa

10 March 2015
Kuwait - Tamdeen Group - Kuwait's leading mixed-use property developer that is reshaping the urban and social landscape of the country through innovative projects - has announced the multi-million dollar Al Khiran development which will be at the heart of the Sabah Al Ahmed Sea City.

Valued at US$ 700 million, the resort-style project which will be spread across 350,000-sqm of water-front will eventually create significant opportunities for Kuwait's tourism and business growth. A one-of-a-kind development, the project will include Kuwait's first high-end Outlet Mall, two high-rise residential towers, one furnished apartments tower, a marina to house over 900 boats - the biggest in Kuwait - and a 5-star resort style hotel with an international spa component.

Launching the project, Mohammed Jassim Khalid Al Marzouq, Chairman of Tamdeen Group said: "We believe in Kuwait, in its economic future and its excellent legal systems.  The new found cooperation between the Government and Parliament has given us even more confidence to invest further in Kuwait.  Today we have projects worth US$ 2 billion in the pipeline.

 "Kuwait is recognized as a country that has one of the world's highest per capita income estimated at US$ 48,260*, which means the country is well-placed to drive growth across different retail segments. It also remains one of the most underserviced markets in the GCC in terms of quality retail space.

"Kuwait's economy is among the strongest in the region and in a country where 45 percent of the population is in the 20-39 years age range, household spending on international brands within the retail sector is on the rise. This is where Al Khiran will offer value not just in terms of shopping but an overall customer experience."

The Tamdeen Group has been developing significant shopping center and mixed-use properties over the last two decades. The Group has built the iconic 360 MALL and the Al Kout waterfront project, both of which have become important symbols of Kuwait. Their unique architecture makes them one-of-a-kind destinations offering an unmatched shopping experience for their discerning customers. Al Khiran will add to that offering in its own unique way.

"We also believe that Kuwait has huge untapped potential for 'conservative tourism' and this project will attract people from our three large neighbors creating a new destination," added Al Marzouq.

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The 75,000-sqm luxury Outlet Mall within Al Khiran will have the finest mix of luxury and premium brands. The entire mall will have an outdoor ambience with indoor streets covered by continuous skylights to provide natural light. 

Designed by leading international architects RTKL, the mall will have a unique resort-style architecture which will incorporate traditional Arabic motifs. The mall's façade will add to its identity providing a highly sustainable solution which filters light and provides shade. A continuous covered arcade will showcase the retail elements and provide comfortable seating for various restaurants.

A lot of thought and input has gone into landscaping design for the entire project which in itself will be an attraction for tourists and residents alike.  A massive promenade covered with palms will create the pedestrian space between the mall and the marina.  Celebrated landscape architects PWP from the USA have worked hard to create the landscape link for the entire project while providing terraced seating options for customers' dining pleasure.

The most iconic landform will be at the centre of the development.  The Al Khiran Park with its rich and varied vegetation will include a variety of open air attractions for children as well as huge performance spaces.  This in itself will create a powerful magnet for all of Kuwait.

Al Khiran will become the entertainment and commercial cornerstone of the new community at Sabah Al Ahmed Sea City and surrounding areas of over 200,000 people.  The residences will provide a resort-style, home-away-from-home for the discerning Kuwaiti with access to some of the finest leisure facilities, private swimming pools and a 'beach front'.  A 5-star hotel with an international spa will attract both Kuwaiti residents and tourists alike.

Al Marzouq further explained: "Tamdeen Group companies have been known to deliver high-end, world-class quality projects that rival the very best in the world. Kuwait has been witnessing a 6.6 percent average rise in tourism* and increasing demand for domestic spend on luxury products and services. Projects like Al Khiran fulfil that national expectation and Tamdeen Group is honored to be a catalyst to the country's overall economic, retail and tourism growth."

Today, the Tamdeen Group of Companies has a combined paid up capital of US$1.35 billion with close to US$ 4 billion in assets, making the group one of Kuwait's most significant private-sector players.

*2013 estimate by the IMF
*World Travel & Tourism Council

-Ends-

About Tamdeen Group
Since the acquisition of Tamdeen Real Estate Company in 1996, Tamdeen Group has grown dynamically into the regional powerhouse that it is today. Through inspirational leadership and a visionary strategic focus the group now owns assets valued at over US$ 4 billion (KD 1200 million) with total combined paid up capital in excess of US$ 1.35 billion (KD 400 million).

Consisting of Real Estate Development, Investment and Entertainment arms the group has consistently delivered growth for its partners and shareholders alike. The success of Tamdeen Group is defined by its continuous evolution, and outstanding track record of innovation in its offering.  Several international awards and recognition have followed for innovative design, state-of-the-art architecture, outstanding marketing and pioneering use of technology.

Tamdeen Group's subsidiaries are the engines that promote the growth and development of the group. These entities include:

•Tamdeen Real Estate Co.

•Tamdeen Investment Co.

•Kuwait National Cinema Co.

•Tamdeen Shopping Centers Co.

•Tamdeen Entertainment Co.

About Al Khiran
Located at the heart of Sabah Al Ahmed Sea City, the environmentally friendly recreational water-front development adjoining a 900 plus berth luxury marina will be the downtown to a community of approximately 200,000 people. This Mashrabia inspired architectural development will be the heart of Al Khiran's touristic glamor and commercial growth.

Al Khiran will feature a 75,000 sqm 'outlet center' fitting perfectly into the picturesque waterfront with an array of tempting restaurants, high quality entertainment, two residential towers, one furnished apartments tower, and a 5-star hotel, defining Al Khiran as the largest multi-purpose destination in Kuwait complete with Riviera-like lifestyle and boardwalk concepts.

At the heart of this world class marina will be Al Khiran Park, an urban retreat with manmade landforms that lends itself seamlessly to open air family attractions and performance spaces. The innovative design of Al Khiran includes a powerful arrival experience at its landscaped carparks, covered walkways along the marina and monumental palm promenades, all of which are purposefully crafted to provide sustainable integration with the surrounding environment. 

For more information on Al Khiran, please visit  www.al-khiran.com

For further information, please contact:
Gladson Ronad / Nadin Alami 
ASDA'A Burson-Marsteller
+97150 4533479 / +965 22901571
gladson.ronad@bm.com
nadin.alami@bm.com

© Press Release 2015

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