Development on $1bn Reem Mall to start soon

The development of Reem Mall, Abu Dhabi's up-and-coming entertainment, dining and shopping destination, has taken a significant step forward after the Abu Dhabi Urban Planning Council, or UPC, granted approval for the project's concept plans.

The concept planning report approval represents a significant milestone for the $1 billion project and keeps it on track to open in 2018.

The news comes just weeks after the UPC gave the go-ahead for the Reem Island Integrated Concept masterplan. Reem Mall forms a significant elements of the overall vision for Reem Island, which will eventually become home for 210,000 residents.

Once completed, Reem Mall, developed by National Real Estate Company in partnership with United Projects for Aviation Services Company, or UPAC, will deliver two million sq. ft. of retail, leisure, and dining and entertainment choices, with some 450 stores including 85 food and beverage outlets.

Shane Eldstrom, chief operating officer of Reem Mall, said: "The UPC approval represents a major milestone in the development of Reem Mall, allowing the project to move closer to the construction phase. Subject to all required permits."

He said the ground-breaking will take place this year.

UPAC is one of Kuwait's leading real estate management companies. Under the agreement, UPAC will invest up to $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.
Source: Khaleej Times