Al Farwaniya Property Developments, the developer behind Reem Mall, Abu Dhabi’s $1.2 billion retail destination, has announced that construction has commenced.
The news comes after 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 in late 2017.
The construction of the mall is planned to be completed by end 2020, a statement said.
During the first three months of 2018, vast areas of excavation and backfill have been carried out and several major structural concrete pours have been completed. There are 7 of 14 tower cranes erected on site, the remainder will be finalised by the end of the month, it added.
Reem Mall will bring over 2.9 million square feet of retail, world class leisure and entertainment facilities, including Snow Park Abu Dhabi.
Shane Eldstrom, CEO of Al Farwaniya Property Developments, said: “We have taken the time to thoroughly plan the financing and the physical construction of the project to ensure that it delivers a world class destination that Abu Dhabi and the wider UAE can truly be proud of... we look forward to delivering this new lifestyle, retail and entertainment destination.”
The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies - Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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