Abu Dhabi-based Tourism Development and Investment Company (TDIC) has announced its joint venture partnership with L Real Estate (LRE), an international real estate development and investment fund sponsored by LVMH, to develop ‘The District’, a lifestyle retail destination on Saadiyat island’s Cultural District.
The District, which is scheduled for completion by 2017, comprises three levels – all above ground starting from the street level – distributed over 1.8 million sqft of leasable space with more than 550 units allocated for luxury and fashion brands, dining outlets, high-end department stores, home furnishing chains, art galleries, family entertainment venues and various other speciality stores and services.
Strategically positioned among the three world-class museums – Zayed National Museum, Louvre Abu Dhabi and Guggenheim Abu Dhabi – this development, which will be developed on a land plot of 17 hectares, will be one of the largest retail complexes in the UAE capital and the first-of-its-kind in the Arabian Gulf region to feature high-street outdoor fashion stores. The District will present an upmarket retail and lifestyle experience through its luxury brands, family-oriented leisure and entertainment facilities, and multiple food and beverage outlets offering a wide range of cuisines and delicacies through fine dining restaurants, casual eateries, confectionary shops, spacious food court and lively outdoor cafe culture.
“TDIC’s comprehensive vision of developing world-class tourism assets, such as Saadiyat island and its iconic cultural institutions, upscale residential communities and distinctive leisure facilities, is reflective of Abu Dhabi’s wider economic strategy of transforming the emirate into a vibrant international destination. This new retail destination – ideally sits among Saadiyat’s inspiring museums, beautiful landscape and coastal environment – will be a regional attraction and a highly prized sought-after location for Abu Dhabi’s communities and visitors when it opens by 2017,” says Sheikh Sultan bin Tahnoon Al Nahyan, chairman of TDIC.