Reem Mall Group Names Construction Contractor
27 NOVEMBER 2017, KUWAIT
The Reem Mall consortium today announced the appointment of Itinera Ghantoot, a UAE-Italy joint venture, as lead contractor on the $1.2 billion shopping, leisure and entertainment project.
Itinera Ghantoot is a joint venture between Itinera, one of Italy’s largest construction companies, and Ghantoot, one of the UAE’s leading builders, which has extensive experience in Abu Dhabi and the Emirates.
The group backing Reem Mall announced on 21 November that it had signed a $457 million senior credit facility to complete financing on the project, a mega-mall of 450 stores and food and beverage outlets spread over 2.9 million square feet in the Najmat District of Reem Island. The mall will offer education attractions and family-focused entertainment such as Snow Park Abu Dhabi.
The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies: 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 to the planned mega-mall project.
Shane Eldstrom, CEO of Al Farwaniya Property Developments, said: “This is a major milestone toward delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination. We are very excited about working with the Itinera Ghantoot JV. We are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of.”
Ghantoot is one of the Middle East’s leading construction, development and service groups, specializing in civil engineering, electrical projects, road construction and transport and marine services. Itinera is responsible for construction of showcase projects across the USA, Latin America, Europe, and Africa. The Reem Mall contract follows Itinera’s success with Il Centro mall in Arese, Italy, one of Europe’s 10 largest shopping centres. Il Centro received the MAPIC Award for the Best Shopping Mall in the World in 2016.
Massimo Malvagna, CEO of Itinera, said: “This prestigious contract to build Reem Mall rewards Itinera’s skills and know-how in highly complex civil and industrial building projects that have architectural, commercial, and social value. We are proud to participate in this initiative and to partner with Ghantoot, which has a global reputation for finding the creative solutions to complex projects. Together, we will be able to deliver something special for Abu Dhabi.”
Manea Ali Al Balooshi, Managing Director of Ghantoot Transport and General Contracting said, “We are always looking for ways to turn imaginative ideas into leading products and services and it is an honour for us to work alongside the distinguished Itinera for the successful development of Reem Mall. We look forward to delivering this iconic retail establishment to Abu Dhabi in the timeliest manner.”
The Reem Mall site 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.