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Abu Dhabi, UAE: Al Farwaniya Property Development, LLC, the partnership established between NREC and UPAC for the development of Abu Dhabi's major new up and coming retail, leisure, dining and entertainment destination Reem Mall, has received its Developer License from the Abu Dhabi Department of Municipal Affairs under the provisions of the new Real Estate Law which came into effect 1st January 2016.
Shane Eldstrom, Chief Operating Officer for Al Farwaniya, commented: "We are excited to receive our developer license. This milestone is indicative of our commitment to Abu Dhabi's construction landscape and the development of world-class projects. The licensing of developers is a positive step for Abu Dhabi as it continues to establish itself as a world leader in urban planning and development."
"Reem Mall is poised to deliver an unprecedented retail, food and beverage as well as a family-focused entertainment offering spread across 2 million sq. ft. of leasable space with a total floor area of more than 2.8 million sq. ft."
Comprising around 450 stores including 85 food and beverage outlets, a diverse palette of entertainment offerings, hypermarket, four department stores, a multiplex cinema, two food courts and the world's largest indoor snow play park, the $1 billion retail development's construction broke ground on Abu Dhabi's Reem Island in December 2015.
Strategically positioned within the new master-developed and commercial zone of Reem Island, Reem Mall will be easily accessible to and from Abu Dhabi's mainland. Offering a significant 6,800 parking spaces for shoppers' convenience, Reem Mall promises a unique experience which combines best-in-class shopping and entertainment that will enhance Abu Dhabi's leisure and lifestyle atmosphere.
Developed by NREC and UPAC, Reem Mall is expected to open in late 2018.
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About Reem Mall
Reem Mall is Abu Dhabi's major new retail, leisure, dining and entertainment destination. It is expected to launch in 2018. The Reem Mall project will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including the world's largest indoor snow-play park!
About NREC
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa.
Over the years, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets and capital of US$ 1.9 billion and manages 80 million square feet of land. The organisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls.
About UPAC
Established in 2000, publicly listed on the Kuwait Stock Exchange, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.
For more information please contact:
Yvonne Mtengwa
Account Director
Four Communications
reemmall@fourcommunications.com
+971 55 337 9415
© Press Release 2016
