Nakheel says Union Coop to anchor new retail mall

Dubai developer announces main tenant for International City community mall; to open in 2015
The new International City community mall will serve new homes at Warsan Village.
By Andy Sambidge
Sat 02 Nov 2013 10:20 AM

Dubai developer Nakheel has signed the Union Coop supermarket as the anchor tenant at a new, 79,000 sq ft community centre at International City.

Union Coop will take up more than 40 percent of the community mall, which will have 24 shops, four restaurants and two coffee shops, Nakheel said in a statement.

The retail facility, due for completion in 2015, will serve tens of thousands of residents at International City, as well as people living at nearby Warsan Village, Nakheel's newly-launched gated community of 940 townhouses.

A Nakheel spokesman said: "Our new International City retail centre is a prime example of how we continue to enhance and improve our communities with facilities that people want - and need.

"With this new neighbourhood mall, we are bringing a much needed new venue for shopping, dining and social interaction to one of our biggest and most popular communities."

Two other Nakheel community centres, currently under construction at Discovery Gardens and Jumeirah Park, are due to open in early 2014.

Both are 100 percent leased. Nakheel is also currently evaluating other locations for further neighbourhood centres.

Last month, Nakheel said its nine-month net profit jumped 58 percent year-on-year as the company continued to benefit from the recovery in the emirate's property market.

The firm, which was taken over by the government as part of its $16bn restructuring plan completed in 2011, made a net profit of AED1.77bn ($481.9m) in the nine months to September 30, versus AED1.12bn in the corresponding period of 2012, a statement said.

Nakheel, builder of manmade islands in the shape of palms and a map of the world, said revenue of AED6.83bn in the first nine months of the year was up 50 percent on 2012, boosted by the handover of properties.

The firm said it was on course to deliver 3,000 units in 2013, having completed 2,200 handovers in the first nine months of the year, with a pipeline of almost 2,800 units - worth AED8.5bn - as at September 30.

* Nakheel no longer responds to media enquiries from Arabian Business, nor does it grant Arabian Business access to any of its media events or announcements.

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Last Updated: Thu 26 Jan 2017 01:27 PM GST

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