02 September 2018
Construction work is progressing on the $1.2 billion Reem Mall project in Abu Dhabi in line with planned construction and finance targets, the mall developer Al Farwaniya Property Developments said in a statement on Sunday.
The construction site is located in the Najmat District on Reem Island and is part of the residential and commercial master development by Reem Developers.
The press statement said as of August 2018, more than 14 tower cranes have been erected and over 120,000 cubic metres (m3) of reinforced concrete has been cast in place, with some sections now reaching level 4.
Al Farwaniya Property Developments is a partnership between three Kuwait-based companies - Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
The project is expected to consume 350,000 m3 of reinforced cement concrete, 75,000 tonnes of rebar, 10,000 tonnes of structural steel and 75,000 square metres (sqm)of pre-cast hollowcore concrete panels for a total built up area of more than 650,000 sqm, according to the statement.
Al Farwaniya CEO Shane Eldstrom said in the statement that nearly 4,000 workers are working at the site, noting that construction work started in late 2017.
In April, the developer said in a press statement that a $457 million senior credit facility was signed to complete the financing on the project and Itinera Ghantoot, a UAE-Italy joint venture, was appointed as lead contractor. The statement said the project is scheduled to be completed by end 2020.
Reem Mall will bring over 2.9 million square feet of retail, world class leisure and entertainment facilities, including Snow Park Abu Dhabi.
(Writing by Anoop Menon) (firstname.lastname@example.org)
© Thomson Reuters Projects News 2018