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Tue 14 Nov 2017 02:16 PM

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Leasing at $1bn Abu Dhabi mega mall 'ahead of target'

Developer behind Reem Mall project says agreement with more major retailers 'imminent'

Leasing at $1bn Abu Dhabi mega mall 'ahead of target'

The developer behind the $1 billion Reem Mall project in Abu Dhabi has revealed that final agreement with a number of major retailers are imminent.

National Real Estate Company (NREC) said in a statement announcing a 45 percent jump in net profit in the third quarter of 2017 that its leasing progression remains "above set targets" for the upcoming super mall which is scheduled to open in 2020.

The company said it has already executed agreements with Landmark, Dubai Holdings, Majid Al Futtaim and others, bringing many of the top international and local brands including Vox cinemas, Magic Planet, Carrefour, Centrepoint, Max, New Look, and Snow Park Abu Dhabi.

In April, the opening date of Reem Mall was pushed back by two years until 2020 due to changes in designs and delays in getting authority approval. The main construction contract is expected to be awarded by the end of this year.

Kuwait-based NREC, which has a total of $2 billion in projects under development in the UAE, Egypt and other markets, posted net profit for the quarter of KD5.1 million, up 45.7 percent from last year, bringing the company’s year-to-date net profit to KD12.6 million, a 13.3 percent increase.

It added that operating revenue more than doubled to KD12.3 million during Q3.

Samuel Sidiqi, CEO of NREC said: “I am delighted with both our financial and business performance during the third quarter... This growth is mainly on account of operations in Egypt and Lebanon where we started the recognition of revenue from previously sold units.

"Looking at the fourth quarter, we continue our positive outlook across our core markets this year.”

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