Dubai master developer Nakheel said on Sunday it has signed a AED1.2 billion ($326 million) construction contract for its new 418,000 square metre mall on Palm Jumeirah.
The contract to build Nakheel Mall was inked at a ceremony between Nakheel and UAE firms United Engineering Construction (UNEC) and Actco General Contracting Company, who were jointly awarded the contract in May.
Construction is expected to begin soon, Nakheel said in a statement.
It added that a separate construction contract for The Palm Tower, Nakheel's new, five-star, 50-storey hotel and residential complex will be awarded soon.
Nakheel Mall, the new centrepiece of Palm Jumeirah, will have five retail levels with more than 100,000 sq m of shop space, three basement parking levels with 4,000 spaces, 300 shops, two anchor department stores, a nine-screen cinema, medical centre and fitness complex.
There will also be a roof plaza with a host of fine dining restaurants, as well as a diverse selection of food and beverage outlets inside. The project is expected to be completed in 2016.
Nakheel Mall is one of several new retail projects underway by Nakheel, whose growing retail portfolio also includes a 620,000 sq m mall at Deira Islands, announced in June.
Nakheel is also developing a night souk at Deira Islands, The Pointe at Palm Jumeirah, extensions to Dragon Mart Mall and Ibn Battuta Mall and retail centres at five Nakheel communities across Dubai.
* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.