The National Real Estate Company (NREC) and United Projects for Aviation Services Company (UPAC), the developers of Reem Mall, have today announced a new corporate structure for the US$ 1 billion project.
The new operating set-up, which includes six new board appointments, marks another significant step forward for Abu Dhabi’s major up and coming entertainment, dining and shopping destination.
Reem Mall’s senior executive team will now consist of Samuel Sidiqi as Chief Executive Officer, Deepak Jain as Chief Financial Officer and Shane Eldstrom as Chief Operating Officer.
“The US$ 1 billion Reem Mall project is one of Abu Dhabi’s most significant destination developments, and this is the right structure for the next phase of our journey,” commented Samuel Sidiqi. “Over the recent years, we have built a solid foundation and momentum for the project. Now is the time to take the next step in our evolution. Deepak and Shane are both proven leaders with extensive international expertise in their respective fields and I look forward to working with them and the rest of my leadership team as we continue on our journey toward delivering this exciting retail destination for Abu Dhabi.”
Shane Eldstrom said: “The new corporate structure is a pivotal step in the development of the Reem Mall project and, combined with robust governance, will allow us to make decisions quickly and accurately. It will streamline reporting lines, intensify our focus on the next stage of development and create a structure that gives us flexibility to strategically deliver the construction phase of the project.”
Nadia Akil, Chief Executive Officer of UPAC, commented: “Our strategic partnership and investment in the Reem Mall project is one of the most substantial investments that we have undertaken and the new structure will ensure the success of this project and solidify our position as a leading real estate management company. These structural changes will put an even greater emphasis on operational excellence and allow us to move forward as a nimble, more versatile company focused on shareholder returns.”
Samuel Sidiqi is the CEO of NREC, where he oversees its portfolio of real estate assets in the MENA region. Before NREC, he spent eight years at Agility Logistics working in strategy and operations across a number of Agility’s global locations.
Shane Eldstrom is currently the VP – Development for NREC. Shane has been in commercial real estate for more than 20 years, holding senior positions in Canada and the UAE, in the retail real estate field. Shane is also President of the Middle East Council of Shopping Centres.
With more than 16 years’ experience, Deepak Jain brings with him extensive management consultancy and senior financial management expertise. His last role was as Chief Financial Officer for Alcazar Capital, an Investments Advisory Firm based in Dubai.
The Reem Mall project is expected to start construction in 2015 with opening scheduled for 2018. Once completed, it will deliver 2 million sq ft of retail, leisure, and dining and entertainment choices with some 450 stores, including 85 food and beverage outlets.
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.
