NREC to pick UAE Reem Mall contractor bid in 2016
Enabling works are set to commence on the $1bn project, and tenders have been issued to pick a main contractor by early next year
Kuwait's National Real Estate Company (NREC), the developer behind the UAE's Reem Mall, confirmed it will pick a contractor for the $1bn (AED3.6bn) project next year.
A tender for main contract works has been issued, and construction work is due to commence in 2016, the company said.
RTKL, mSquared, Dewan, and Mace have previously been appointed to provide consultancy services for the project.
The firms will assist NREC on areas such as retail advisory, leasing, design, engineering, and project management.
NREC's CEO, Samuel Sidiqi, said: “Our plans to construct Reem Mall in Abu Dhabi are rapidly advancing.
"We have recently signed a contract for enabling works and have issued a tender for the main contract works in order for construction to begin early next year.”
NREC reported $38.1m (KWD11.6m) as net profit for the first nine months of 2015, Arabian Business reported.
The company's operating revenues, worth $48.6m (KWD14.8m) during the period, were "marginally" higher than their corresponding 2014 value of $48.3m (KWD14.7m).
According to Arabian Business, the Kuwaiti firm's total assets, worth $1.8bn (KWD565.5m), increased by $41.1m (KWD12.5m) from December 2014.