27 May 2007
Bawadi has announced a joint venture with Al Ghurair Investment to develop a dhs10billion shopping mall. Phase one of the shopping mall is set to be completed by 2012, and will cover a gross leasable area of four million square feet within Bawadi. Earlier this year, Bawadi - the hospitality and leisure zone of the government's dhs235 billion Dubailand project - was asked by the goverment to develop the biggest shopping area in the world on its total project area of 40 million square feet.
"With this agreement, both companies will seek to bring back the historic Okaz Souq - the first-ever retail outlet which existed in the region," said Abdullah Al Ghurair, chairman of Al Ghurair Investment. "This agreement reflects the keenness of both the companies to help establish Dubai as a prime tourist hub in the region.
"Our first agreement included Al Ghurair's initial investment of dhs800 million in the Al Maghreb Resort and Spa, which will position Bawadi as a leader in the tourism and hospitality industry," said Saeed Al Muntafiq, executive chairman of Tatweer. Al Ghurair Investment is credited with setting up the first shopping mall in the Arab world in Dubai.
Bawadi, touted as the world's largest hospitality and leisure development, comes under the Tatweer group. The dhs100 billion project will consist of 31 hotels, including Asia Asia, which will have 6,500 rooms. In all, Bawadi will offer more than 29,000 rooms. Tatweer is part of Dubai Holding.
Bawadi has announced a joint venture with Al Ghurair Investment to develop a dhs10billion shopping mall. Phase one of the shopping mall is set to be completed by 2012, and will cover a gross leasable area of four million square feet within Bawadi. Earlier this year, Bawadi - the hospitality and leisure zone of the government's dhs235 billion Dubailand project - was asked by the goverment to develop the biggest shopping area in the world on its total project area of 40 million square feet.
"With this agreement, both companies will seek to bring back the historic Okaz Souq - the first-ever retail outlet which existed in the region," said Abdullah Al Ghurair, chairman of Al Ghurair Investment. "This agreement reflects the keenness of both the companies to help establish Dubai as a prime tourist hub in the region.
"Our first agreement included Al Ghurair's initial investment of dhs800 million in the Al Maghreb Resort and Spa, which will position Bawadi as a leader in the tourism and hospitality industry," said Saeed Al Muntafiq, executive chairman of Tatweer. Al Ghurair Investment is credited with setting up the first shopping mall in the Arab world in Dubai.
Bawadi, touted as the world's largest hospitality and leisure development, comes under the Tatweer group. The dhs100 billion project will consist of 31 hotels, including Asia Asia, which will have 6,500 rooms. In all, Bawadi will offer more than 29,000 rooms. Tatweer is part of Dubai Holding.
© 7Days 2007
