Carrefour signs up for Abu Dhabi’s Reem Mall
22 JUNE 2016, Abu Dhabi, UAE
Reem Mall, Abu Dhabi’s new up and coming entertainment, dining and shopping destination, has today announced Carrefour as the Hypermarket operator in the US$ 1 billion project located on Abu Dhabi’s master planned development Reem Island.
Carrefour, operated by Majid Al Futtaim Retail, the retail arm of Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa (MENA), will form a core element of the mall’s family-focused retail, leisure and entertainment offering.
“Carrefour is a highly respected global brand and will play an integral role in forming Reem Mall’s unique retail offering,” said Shane Eldstrom, Chief Operating Officer for Reem Mall.
“Reem Mall will provide shoppers and visitors with a world-class retail experience and we are thrilled to announce Carrefour as a key part of our retail strategy. Today’s announcement marks an important milestone for the project, as we enter into the next phase of development and start to form partnerships with future tenants. We are currently in discussions with a number of leading retailers and expect to make further announcements in the coming months.”
Miguel Povedano, Executive Regional Director, Majid Al Futtaim Retail, Carrefour franchisee in UAE, said: “Today’s announcement marks a significant step for Majid Al Futtaim Retail, as we continue to grow our Carrefour presence across the UAE. As one of the region’s most developed retail markets, Abu Dhabi presents a very attractive investment opportunity, and the Carrefour hypermarket in the upcoming Reem Mall development will further cement our presence in the region.
“Carrefour hypermarkets offer customers a unique shopping experience with a diverse product selection at competitive prices. We look forward to bringing more choice, and the quality offering that Carrefour is known for, to create great moments for Reem Mall’s customers.”.
Reem Mall is being developed by the National Real Estate Company (NREC) in partnership with United Projects for Aviation Services Company (UPAC). It is a 2 million sq. ft. retail, leisure, dining and entertainment destination, located on Reem Island, the new master-developed residential and commercial zone on the eastern side of Abu Dhabi’s mainland, which will eventually be home to more than 210,000 residents at maturity.
Construction on Reem Mall commenced at the end of 2015, with project completion and mall opening slated for late 2018. Reem Mall will bring a wide range of family-focused retail, leisure and entertainment offerings to Abu Dhabi, with 450 stores including 85 food and beverage outlets and a diverse portfolio of edutainment and entertainment anchors. Reem Mall will also house the world’s largest indoor snow-play park, a 125,000 sq. ft. indoor amusement space, offering unique entertainment for the entire family including sledging, zorbing and luge.
The new agreement with Carrefour marks a significant step forward for the project, which promises to offer Abu Dhabi best in class, retail, dining and entertainment anchors spread across 3 floors.
Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa.
UPAC is one of Kuwait’s leading real estate management companies. Under the agreement, UPAC will invest up to US $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.