08 July 2014 Abdali Mall Company Signs New Anchor Tenant for Abdali Mall in Jordan
Kuwait - Abdali Mall Company (AMC) announced today the signing of"Prime Cinemas" as an anchor tenant in Abdali Mall, leasing 4,528 sqm to include 11 cinema screens. This is Prime Cinema's first time presence in the Abdali area, the new downtown of Jordan's capital city.
AMC's Board Member, Renimah Ali Al Mattar, said, "We are proud to announce Prime Cinemas as our cinema operator within Abdali Mall's 8,807 sqm entertainment area. Abdali Mall is currently at 65% construction completion and has already achieved a total leased percentage of 47%. We believe that this development will mark a new era in retail and entertainment standards for the local market and will be a substantial contributor to Jordan's growing economy."
Commenting on the recent agreement, Chief Executive Officer of World Media Holding, under which Prime Cinemas operate, Mr. Hammad Atassi, said: "We have been following this project since the early stages of its design and conception because of our belief that Abdali Mall will be the most unique and upscale commercial development in the heart of the city of Amman. The development includesstate of the art design and finishing,and is a great sitefor the newest and most prestigious location for Prime Cinemas in Amman. Prime Cinemas Jordan will enjoy its number one market position as the premier and largest cinema chain in Jordan, with the opening of their flagship location in Abdali Mall."
Apart from the eleven-screen cinema, Abdali Mall's tenant mix accommodates a large number of retail shops, an entertainment center, a selection of cafes and restaurants, a food court, a casual dining plaza, and a supermarket.World Media Holding will join a selection of regional and local tenants such as theAzadea Group, Cozmo Supermarket, JCT&I, AlShaya Group, Chalhoub Group and Levant Retail Group.
Developed by United Real Estate Company (URC), Abdali Mall is an iconic shopping mall, which incorporates unique open-air features and advanced techniques of building sustainability, technology and architecture. The development will include a variety of sustainable features such as reducing water and energy usage as well as encompassing an aesthetic and innovative design. With a total built up area of over 227,000 sqm, Abdali Mall extends over five floors above ground, offering 71,000 sqm of gross leasable space in addition to five basement floors designed as smart and conveniently accessible parking, which will accommodate 2,400 cars. The mall is expected to be operational in August 2015.
Abdali Mall Company (AMC) is a Private Limited Company based in Jordan that was established in 2007 out of a partnership between United Real Estate Company (URC) and Abdali Investment and Development Company (AID) to manage the construction of Abdali Mall. URC is the dominant shareholder and developer of the Abdali Mall, with 60% ownership of the project.
Abdali Investment and Development Company (AID) is a public-private partnership between government-owned investment corporation, the National Resources and Development Corporation (MAWARED) and Horizon International for Development, an international construction conglomerate specialized in the investment and development of large-scale real estate and construction projects predominately in Jordan, Saudi Arabia and Lebanon.
About World Media Holding
World Media Holding is currently operating entertainment and hospitality venues, hotels and cinemas in Europe and the Middle East through participations and subsidiaries. A vertically integrated company with its own design and construction arms as well as film distribution and production outfits, it is the fastest growing company in cinema development in the Middle East. With offices in Dubai, Beirut and Paris, The company currently employs over 1000 persons in its different activities and is due to add 500 new positions by the end of 2015 with the opening of 3 new GCC locations including the Prestigious "Cinemacity Imax Mall of Qatar" Megaplex (over 3000 seats).
United Real Estate Company (URC) is one of the MENA region's leading real estate developers, with total assets of KD 491.8 million (US$ 1.74 Billion) as of March 31, 2014. Headquartered in Kuwait, URC was founded in 1973 and was listed on the Kuwait Stock Exchange in 1984.
URC primarily operates in the Middle East and North Africa (MENA) region through a number of operational subsidiaries and investments arms. The company's portfolio includes retail complexes, hotels, resorts, residential buildings, high rise office buildings, as well as mixed use developments. Operational assets include, KIPCO Tower, Marina Hotel and Marina Mall in Kuwait as well as Salalah Gardens Mall &Residences in Oman. Regionally, URC is developing Abdali Mall in Jordan, Raouche View at 1090 in Lebanon, Aswar Residences in Egypt and Junoot Resort in Oman.
URC's majority shareholder is Kuwait Projects Company (KIPCO), one of the largest holding companies in the Middle East and North Africa, with consolidated assets of US$ 32 billion as of 31 March, 2014. The Group has significant ownership interests in over 60 companies operating across 24 countries. The group's main business sectors include financial services, media, real estate and manufacturing. Through its core companies, subsidiaries and affiliates, KIPCO also has interests in the education and medical sectors.
United Real Estate Company
T +965 1805225 ext. 2240
© Press Release 2014