UAE-Italian joint venture Itinera Ghantoot will take the lead constructing the $1.2 billion mega-mall
The Reem Mall consortium has announced the appointment of UAE-Italian joint venture Itinera Ghantoot as the lead contractor for the $1.2 billion dollar mega-mall project.
Itinera Ghantoot is a joint venture between Itinera, one of Italy’s largest construction companies, and UAE-based builder Ghantoot.
On November 21st, Reem Mall announced it signed a $457 million senior credit facility to complete financing for the project, which will include 450 stores and F&B outlets spread over 2.9 million square feet of Reem Island’s Najmat District.
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).
“This is a major milestone toward delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination. We are very excited about working with the Itinera Ghantoot JV,” said Shane Eldstrom, CEO of Al Farwaniya Property Developments. “We are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of.”
Massimo Malvagna, the CEO of Itinera, said that the contract to build Reem Mall “rewards Itinera’s skills and know-how in highly complex civil and industrial building projects that have architectural, commercial and social value.”
“We are proud to participate in this initiative and to partner with Ghantoot, which has a global reputation for finding the creative solutions to complex projects,” he added. “Together, we will be able to deliver something special for Abu Dhabi.”
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.