Contractor named for Abu Dhabi's $1.2bn Reem Mall
An Italian-Emirati joint venture of Itinera and Ghantoot will develop the mega-mall in Abu Dhabi, the project's developers revealed
A contracting joint venture (JV) has been named to build Abu Dhabi's $1.2bn (AED4.4bn) Reem Mall.
Itinera Ghantoot, an Italian-Emirati JV between Itinera and Ghantoot, will be the lead contractor for the mega-project.
Located in the Najmat District of Reem Island, the mall will offer education attractions and family-focussed entertainment options, such as Snow Park Abu Dhabi.
The project is being developed by Al Farwaniya Property Developments, a partnership between logistics giant Agility, Agility-affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
Commenting on the contract award, Shane Eldstrom, chief executive officer (CEO) of Al Farwaniya Property Developments, said: "This is a major milestone toward delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination.
"We are very excited about working with the Itinera Ghantoot JV, [and we] are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of."
Manea Ali Al Balooshi, managing director of Ghantoot Transport and General Contracting, added: "We are always looking for ways to turn imaginative ideas into leading products and services, and it is an honour for us to work alongside Itinera for the successful development of Reem Mall."
Earlier this month, Agility announced that it had made an investment in the Reem Mall project.
Al Farwaniya signed an agreement for a $457m (AED1.7bn) senior credit facility for the project.
Spanning seven years, the facility is provided by regional and international banks, including Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank.
Reem Mall's announced that financing for the project was complete, with the latest agreement said to have launched the largest facility focussed on real estate in the UAE this year.
Commenting on the agreement, Tarek Sultan, the chief executive officer of Agility, said: "The business climate in Abu Dhabi is one of the things that makes it so attractive to investors.
"The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action.
"The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects."