Abu Dhabi’s Al Maryah Central on track for opening in 2018 summer

Company expects 75% of the mall to be leased by summer with 180 deals in process currently

  
Traders monitor the share prices at the Abu Dhabi stock market.

Traders monitor the share prices at the Abu Dhabi stock market.

REUTERS/Ravindranath

Tuesday, Jan 31, 2017

Abu Dhabi: Gulf Related, the developer of Al Maryah Central Mall in Abu Dhabi announced on Tuesday that 50 per cent of the mall is leased and is on track for opening in summer next year, a top executive of the company told reporters in Abu Dhabi on Tuesday.

“We are building on time, leasing on time and the project is on schedule to be opened in summer next year,” said Dr Karim Al Solh, co-managing partner of Gulf Related and chief executive officer of Gulf Capital.

The company expects 75 per cent of the mall to be leased by summer with 180 deals in process currently.

“The construction of the mall is progressing well with structural completion and topping out. It will become a major tourist destination once it opens next year,” said Al Solh.

Gulf Related, a joint venture between Abu Dhabi based Gulf Capital and the US based Related company is investing $1.05 billion (Dh3.8 billion) in the development of the project that is coming up at Al Maryah Island.

Once completed, the project will have 400 stores, 100 food and beverage outlets, a 20-screen cinema and three rooftop parks apart from residential apartments and a hotel.

The highlight of the project would be the presence of Macy’s first international store outside the US and the opening of Bloomingdale’s first departmental store in Abu Dhabi.

Al Tayer group, Dubai Holding Group, Majid Al Futtaim group, Chalhoub group and others have all signed leasing agreements to bring sixty more brands to the shopping mall that also includes 35,000 square foot flagship Zara, All Saints, Lululemon among others, the company said.

The company is aiming to capture 20 per cent of the emirate’s retail spending once the mall opens for business in 2018. The annual retail spend in Abu Dhabi is projected to reach $12.18 billion (Dh44.73 billion) by 2018.

“Today on Al Maryah island we have four projects including the Galleria in partnership with Mubadala, Al Maryah Central and the two towers that we are about to launch. We are a long term developer and betting on the growth in Abu Dhabi for the next ten years,” he said.

The Galleria Mall, which the company opened in 2013, has recorded double digit growth last year, he said.

“Luxury stores have performed very strong. On an average we are seeing double digit growth at Galleria mall.”

The company is building two additional towers including a residential property and a hotel tower as part of the development of Al Maryah Central.

Granting of visa on arrival facility for Chinese and Russian tourists will boost the potential of Abu Dhabi as a tourist destination, he said.

By Fareed Rahman Senior Reporter

Gulf News 2017. All rights reserved.


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