Dubai-based master developer Nakheel and Al Nasr Cultural & Sports Club formed a joint venture to develop a 330,000 sqft GLA mall in Dubai’s Al Khawaneej district.
Managed by Nakheel Malls, the retail subsidiary of Nakheel, the project will have ground floor parking for nearly 700 vehicles and three floors of shops, restaurants and entertainment outlets, including anchor stores, a supermarket, cinema complex, fitness centre, fun zone and food court.
“The new mall at Al Khawaneej will unite the Middle East’s largest retail developer and one of the region’s most prominent sports and cultural organisations. We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej. We look forward to building on our ever-growing retail real estate success story with this new venture, and to a long and fruitful partnership with Al Nasr Club,” says Ali Rashid Lootah, chairman of Nakheel.
Ibrahim Al Fardan, chairman of Al Nasr Investments Company, expressed his pride at the new partnership. “Al Nasr Sports Club continues to seek distinguished real estate investment opportunities to enhance its project portfolio. This mall is a prime example of our ongoing income diversification strategy,” he says.
The mall at Al Khawaneej joins 19 other retail projects, ranging from large-scale destination malls to neighbourhood retail centres, in Nakheel Malls’ project portfolio, which currently comprises more than 17.5 million sqft of leasable space.
Recently, Nakheel signed a joint venture with the Sharjah Investment and Development Authority (Shurooq) for its first project outside Dubai, a retail centre at Al Rahmaniya. Al Nasr Investment Company manages several successful investment projects, including real estate projects.