Dubai corporate giant Tatweer has entered into a joint venture with UAE-based Al Ghurair Investments to develop a AED 10 billion ($2.7 billion) shopping mall in the Bawadi mega hospitality and leisure project.
The companies said phase one of the shopping mall, being billed as one of the biggest in the Bawadi development, is set for completion by 2012 and will cover a gross leasable area (GLA) of four million square feet.
The deal follows Dubai government’s announcement of a doubling of investment in Bawadi to $54.45 billion earlier this month.
Bawadi, located at Dubailand on the city’s outskirts, will be the home to the world’s largest hotel and biggest shopping centre, and will house three million tourists by 2016, or one-fifth of Dubai’s tourist target.
The Bawadi project will take place in three phases, with phase one being built, owned and operated by Tatweer, a member of Dubai Holding.
‘The innovative and uniquely designed, top-notch shopping mall will be one of the largest within the biggest shopping area in the world, and will add a new dimension to the variety of services and facilities offered by Bawadi,” said Abdullah Al Ghurair, chairman of Al Ghurair Investment, part of the Al Ghurair Group.
“This agreement highlights our confidence in Bawadi as one of the most desirable investment opportunities. It also underlines the active role Bawadi will play to meet the tourism and commercial objectives of the recently announced Dubai Strategic Plan,” he added.
Saeed Al Muntafiq, executive chairman of Tatweer said: ‘This new project is Al Ghurair’s second investment in Bawadi and, as such, is a vote of confidence in Bawadi’s potential to deliver sustained commercial success. It also validates the level of trust and the strength of the relationship Bawadi has developed with investors locally, regionally and internationally.”
Last month Al Ghurair Investments announced it would invest AED 800 million ($217.9 million) in the Al Maghreb Resort and Spa to be built at Bawadi.
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