Dubai master developer Nakheel has signed a AED1.2 billion ($326 million) construction contract for its new 4,497,680 sqft mall on Palm Jumeirah.
The contract to build Nakheel Mall was inked at a ceremony between Nakheel and UAE firms United Engineering Construction (UNEC) and Actco General Contracting Company, who were jointly awarded the contract in May. Construction is expected to begin soon.
According to Nakheel, a separate construction contract for The Palm Tower — the firm’s new five-star, 50-storey hotel and residential complex — will be awarded soon.
Nakheel Mall, the new centrepiece of Palm Jumeirah, will have five retail levels with more than 1,076,000 sqft of shop space, three basement parking levels with 4,000 spaces, 300 shops, two anchor department stores, a nine-screen cinema, medical centre and fitness complex.
There will also be a roof plaza with a host of fine dining restaurants, as well as a diverse selection of food and beverage outlets inside. The project is expected to be completed in 2016.