Azadea Group inks deal with Abu Dhabi’s Reem Mall to bring 11 stores to the US $1.2 billion project
11 DECEMBER 2017, Kuwait
Reem Mall, Abu Dhabi’s new up and coming entertainment, dining and shopping destination, has announced a significant new partnership with Azadea Group, the premier lifestyle retail company which boasts an infrastructure of more than 650 stores spread across a dozen countries of the Middle East and North Africa (MENA) region.
As part of the agreement, Azadea Group will bring 11 influential brands to Reem Mall, totalling an area coverage of more than 4,200 sq. m. The Group’s popular franchise brands such as Virgin Megastore, Massimo Dutti, Bershka and Paul will add further value to the mall’s retail offering.
Commenting on the partnership, Shane Eldstrom, Chief Executive Officer of Al Farwaniya Property Developments, said: “Our mission is to provide shoppers and visitors with a world-class retail experience and this significant new agreement with Azadea Group brings us closer to achieving this ambition. Azadea Group is a highly respected premier lifestyle retail company and they share our passion and commitment of the highest quality standards in customer care. We are very pleased to be enhancing Abu Dhabi’s retail landscape by working alongside them.”
Marwan Moukarzel, Deputy Chief Executive Officer at Azadea Group said: “Our partnership with Reem Mall embraces our mission to further extend our promise in the wider MENA region of continuously providing entertaining and exciting experiences to our customers and people through great retail space. Overall, we are certain that this will only bring forth great outcomes and further cement our presence in the UAE, especially in the city of Abu Dhabi. We look forward to working with Reem Mall on the launch of this great new project.”
Reem Mall, located on Abu Dhabi’s Reem Island, is set to offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising around 450 stores, 85 of which will be Food and Beverage, as well as a range of family-focused entertainment and edutainment anchors including Snow Park Abu Dhabi, a destination snow park attraction.
The US $1.2 billion project 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.
Reem Mall is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations.