National Real Estate Company (NREC), one of the leading MENA real estate developers, has announced a new partnership with United Projects for Aviation Services Company (UPAC) to develop Reem Mall – one of Abu Dhabi’s most important retail destinations.
Under the agreement, UPAC – one of Kuwait’s leading real estate management companies – will invest up to US $224 million through its real estate subsidiary, Al Arfaj Real Estate Company, marking a key milestone for the UAE retail mega project.
Reem Mall is a 2 million sq ft retail, leisure, dining and entertainment destination, located on Reem Island, the new master-developed residential and commercial zone adjacent to Abu Dhabi island, which will eventually be home to more than 200,000 people.
Currently at final concept design stage, the US$ 1 billion project will start construction in 2015 and expects to open in 2018. Once completed, Reem Mall will bring a wide range of family-focused retail, leisure and entertainment offerings to Abu Dhabi including 450 stores and 85 restaurants.
Samuel Sidiqi, Chief Executive Officer of NREC, said:
“This is an important milestone on the path to creating an exciting new retail, leisure and entertainment destination, right in the heart of new Abu Dhabi. There is clear recognition that Abu Dhabi needs a world-class, centrally-located retail centre to meet the needs of the main island and of Reem Island’s residents. Our partnership with UPAC signifies a major step towards delivering this.”.
Nadia Akil, Chief Executive Officer of UPAC commented:
“Our strategic partnership and investment in the Reem Mall project will ensure timely delivery of this significant addition to the region’s retail industry. This is one of the most substantial investments that we have undertaken and it will significantly enhance our relationships with major industry partners such as NREC, as well as solidify our position as a leading real estate management company.”
Established in 2000, and headquartered in Kuwait, UPAC is a leading player in commercial projects that foster development and growth in the region’s real estate sector. Its services cover project management and consultancy, real estate development as well as property and facilities management.
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. Reem Mall will be one of the largest and most ambitious projects that NREC has undertaken and more announcements on the Mall’s progress are to be made over the coming period.
About Reem Mall:
Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. It is expected to launch in 2018, with construction beginning by early 2015. The Reem Mall project will include around 450 stores, 85 restaurants and a range of family-focused entertainment offerings.
About NREC:
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa.
Over the years, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets and capital of US$ 1.9 billion and manages 80 million square feet of land. The organisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls.
About United Projects Co:
Established in 2000, and headquartered in Kuwait, UPAC (United Projects for Aviation Services Company) is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 20,000 sqm of commercial space at the Kuwait International Airport and other prominent locations within the country. The Company’s customers include luxury goods; electronics and sports gear retailers; local and international airlines; banks and currency exchange houses; restaurants and fast food vendors; and providers of recreational and educational activities targeted at young people.
UPAC generates annual revenue of US$ 40 Million and is publicly traded on the Kuwait Stock Exchange. Reem Mall will be one of the most challenging ventures that UPAC has undertaken and will add to the Company’s portfolio of successful projects.
