Dubai developer Nakheel has announced that it is adding another mall to its AED16 billion ($4.36 billion) retail project portfolio, with a new 1.2 million square foot shopping, dining and entertainment hub at Nad Al Sheba.
Nakheel, which now has almost 17 million sq ft of retail space in operation or in the pipeline, will build the regional mall at its upcoming Nad Al Sheba master community, where 1,500 villas are currently under construction.
The company said in a statement that it has appointed global design consultants AE7 to oversee the design, engineering and construction supervision of Nad Al Sheba Mall, which will have 500,000 sq ft of retail space.
A construction tender is expected to be released in the fourth quarter of 2016, Nakheel added.
One of 15 large-scale existing or forthcoming Nakheel retail projects, Nad Al Sheba Mall will feature around 200 shops, restaurants and entertainment outlets including a supermarket, department stores, multi-screen cinema, medical centre and fitness centre.
Nakheel chairman Ali Rashid Lootah said: "Nad Al Sheba Mall is the latest addition to our rapidly-expanding retail project portfolio, which will see the delivery of 13 million sq ft of leasable space in the next three to five years, adding to the four million sq ft already in operation.
"The mall will be the vibrant centrepiece of our Nad Al Sheba community, providing on-the-doorstep facilities for residents and a new shopping, dining and leisure hub for people elsewhere in Dubai."
Spanning 2.5 million square feet, with extensive landscaping and parks, the Nad Al Sheba community includes 1,500 four and five bedroom homes for lease as well as a club house, community swimming pool, sports courts and, now, the Nad Al Sheba Mall.For all the latest retail 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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.