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Tue 9 Aug 2016 04:26 PM

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Nakheel awards $408m deal to build Al Khail Avenue retail hub

Dubai developer also announces plan to add 252-room hotel to retail, dining and entertainment complex

Nakheel awards $408m deal to build Al Khail Avenue retail hub
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Dubai developer Nakheel on Tuesday signed a contract worth AED1.5 billion ($408.4 million) for the construction of its Al Khail Avenue retail, dining and entertainment hub.

The company also said in a statement that it is adding a 252-room hotel to the complex.

The contract was awarded to UAE-based Dhabi Contracting LLC, with construction set to begin in early October. Earthworks at the site - alongside Dubai's Al Khail Road on the edge of the Jumeirah Village Triangle (JVT) community - were completed in June.

Directly connected to Al Khail Avenue and its 350 shops, restaurants and entertainment outlets, the 18-storey hotel will feature an all-day restaurant, coffee shop, lounge, outdoor terrace, pool deck gymnasium and car park.

JVT contains more than 13,000 villas, townhouses and apartments spread across 242 hectares, with two schools and a range of third party residential developments currently under construction.

Scheduled for completion in Q1 2019, the two million square foot Al Khail Avenue has more than 1.2 million sq ft of leasable space, of which around 70 percent is booked, Nakheel said.

Confirmed outlets include a 14-screen Reel Cinemas complex, a Waitrose supermarket and a wide range of fashion, children's, home and electronics stores. There will also be a multitude of cafes and restaurants, plus a 4,000-space multi-storey car park which can be accessed directly from Al Khail Road.

Nakheel's retail project portfolio is set to become the biggest in the UAE, with over 15 million sq ft of leasable space in operation or under development.

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