Gulf Related, the developer of Al Maryah Central, says it is confident of gaining a strong foothold in the emirate’s retail sector, predicted to be worth $12bn by 2018
The developer behind Abu Dhabi’s new Al Maryah Central has reportedly said it aims to yield 20 percent of the emirate’s retail spending when the mall opens in 2018.
Ken Himmel, co-managing partner of Gulf Related, which is developing the $1.05bn mall on Al Maryah Island said he was confident of gaining one-fifth of the projected $12.18bn worth of retail spend in the capital by 2018, despite economic concerns.
“We are concerned about the economy but are not over-projecting on what we are going to do. We have a very low level of debt and that bodes well for the long-term stability. There is a good demand for retail space,” he told Gulf News.
Gulf Related announced on September 19 that about 50 percent of the mall’s total 1.5 million square feet has been leased. That includes more than 60 brands and the first international Macy’s department store and the first Bloomingdale’s in Abu Dhabi.
The opening date for Al Maryah Central has been pushed back from March 2018 to August 2018, which Himmel was quoted as saying was due to the timing of merchandise orders at the large department stores.