09 February, 2016

Kuwait's largest mixed-use waterfront retail, lifestyle and leisure destination - Tamdeen Group's AL KOUT - takes shape

Dubai, UAE; 9 February, 2016AL KOUT, a project under the overarching umbrella of the Tamdeen Group - Kuwait's leading mixed-use property developer that is reshaping the urban and social landscape of the country through innovative projects - is on schedule to formally open in the fourth quarter of 2017.

Kuwait's largest mixed-use waterfront retail, lifestyle and leisure destination - Tamdeen Group's AL KOUT - takes shape
AL KOUT signs up international and regional brands; major anchor tenants signed§ Six diverse experiences within one project reflect the architectural heritage of Kuwait and its surrounding areas
Dubai, UAE; 9 February, 2016

AL KOUT, a project under the overarching umbrella of the Tamdeen Group - Kuwait's leading mixed-use property developer that is reshaping the urban and social landscape of the country through innovative projects - is on schedule to formally open in the fourth quarter of 2017.

Mohammed Jassim Khalid Al Marzouq, Chairman, Tamdeen Group said: "The New AL KOUT in southern Kuwait is set to become an Arabian landmark through its fusion of traditional architecture and modern contemporary design and will be a true representation of the growing lifestyle, shopping, leisure and entertainment aspirations of our country."

The development of AL KOUT is being carried out by a Tamdeen Group subsidiary company. When completed, the development will include six different experiences, all reflecting the architectural heritage of Kuwait.

In its entirety, AL KOUT, will be a single but multi-faceted destination with diverse offerings for those with a love of retail, lifestyle and leisure experiences. A major component of the project is the replacement of Al Manshar Mall and four residential towers, with the new Al Kout Mall, built at a cost of KD 70 million.

The expansion of the mall will reflect additional retail space, making AL KOUT the largest shopping center in southern Kuwait with over 100,000 sq.mtrs of retail leasable area.

The mall will have multi-storey car parking to accommodate 3,600 cars. "Construction is well underway and we are building the mall to the highest specifications," said Ahmed Al Sarawi, CEO of Tamdeen Shopping Centers.

Anchor tenants will move in to the mall in 2017, as they start their fit-out in order to complete the works by the mall opening date. The remaining tenants will move in once the mall is ready. The mall will be managed and operated by GLA, a professional mall-management firm.

Leasing for the mall is ongoing with huge interest from several leading international and regional players. The mall is over 50 percent leased and committed for by tenants, 1.5 years ahead of the grand opening. The destination will include the popular anchor and key brands including but not limited to: Zara, Sephora, GAP, Victoria's Secret/Pink, Infunity - Family Entertainment and a 12-screen Cinescape cinema.

The new retail component will have outlets, restaurants, cafes, as well as a food court, a gym and spa.

The adjacent luxurious 200-suite Rotana Hotel has been a huge success from the day it opened.  The hotel will connect directly to the shops and restaurants within the new Al Kout Mall.  Rotana has a huge demand for weddings, conferences and other gala events. To cater to this, a brand new purpose-built ballroom of 3,700 sq.mtrs is being added to the property.  This facility will be unique in Fahaheel and will add value to the entire destination.

The new Al Kout Mall will be linked by a signature bridge to Souq Al Kout which is significant for its traditional design and serves as the community hub of southern Kuwait. With its landmark fountains and stunning views of the marina, the redeveloped souq will have a new upscale offering, along with Nag'at Al Kout, the traditional fishing wharf where fishermen ply their trade.

AL KOUT's stunning 1.6 km of immaculate seafront across Fahaheel Beach is now being renamed Sahel Al Kout. The beachfront offers uninterrupted views of the Arabian Gulf and blends seamlessly with the state-of-the-art marina, Marsa Al Kout with its excellent facilities for over 150 boats.

In addition, AL KOUT includes a traditional market, a supermarket, banks, international entertainment venues, a marina, a fishing port, musical fountains and al fresco dining opportunities.

Shavak Srivastava, Board Member of Tamdeen Shopping Centers, added: "AL KOUT will transform the Al-Fahaheel area into a vibrant social and economic center that is truly iconic, reflecting the architectural heritage of Kuwait and the region. With projects worth US$ 2 billion in the pipeline, the Tamdeen Group is truly developing significant symbols for Kuwait."

Upon completion of all phases, AL KOUT will occupy a massive 300,000 sq.mtrs of area creating Kuwait's largest waterfront mixed use destination.

-Ends-

About Al KOUT:
Al KOUT is the largest waterfront landmark and lifestyle experience in Kuwait. Encompassing six different experiences, Al KOUT, when completed will become a destination of choice for residents and visitors alike.

The new Al Kout Mall, combined with Souq Al Kout, significant for its traditional design, serves as the community hub of southern Kuwait with its stunning views of the marina and Nag'at Al Kout, the traditional fishing wharf where fishermen ply their trade. This unique blend of traditional and modern shopping is the centerpiece of 1.6 kms of beachfront which is part of the project.

In addition, the award winning, 5-star Al Manshar Rotana Hotel has become the hotel of choice for business travelers. The immaculate beachfront of Sahel Al Kout offers uninterrupted views of the Arabian Gulf and blends seamlessly with the state-of-the-art luxurious yacht club, Marsa Al Kout, with its excellent marina facilities for over 150 boats.

For more information on Al Kout, please visit www.alkoutmall.com

About GLA:
GLA Property Management is a professional retail real-estate firm and part of the Tamdeen Shopping Centers Company, a subsidiary of Tamdeen Real Estate, which belongs to Kuwait's Tamdeen Group. It currently manages 150,000 sq.mtrs of space for the Tamdeen Shopping Centers Co. (K.S.C.C). Up to an additional 100,000 sq.mtrs of retail real estate is in the development pipeline. The company is known for its passion to build great places that deliver great experiences.

For more information on GLA Property Management, please visit www.gla.ae

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.

For more information on Tamdeen Group, please visit www.tamdeen.com

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

© Press Release 2016

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