UPAC to invest $224mn in Abu Dhabi's Reem Mall
Partnership with NREC marks key milestone in UAE retail mega project
National Real Estate Company (NREC) has announced a new partnership with United Projects for Aviation Services Company (UPAC) to develop Abu Dhabi’s Reem Mall.
Under the agreement, UPAC – one of Kuwait’s leading real estate management companies – will invest up to $224mn through its real estate subsidiary, Al Arfaj Real Estate Company, marking a key milestone for the UAE retail mega project.
Reem Mall is a 2mn ft2 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 $ 1bn project will start construction in 2015 and expects to open in 2018, encompassing 450 stores and 85 restaurants.
Samuel Sidiqi, chief executive officer of NREC, said: “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.”