Al Farwaniya Property Developments, the developer behind Abu Dhabi-based Reem Mall, has announced that construction of the $1.2 billion project has commenced.
The news comes after a $457 million senior credit facility was signed to complete the financing on the project and Itinera Ghantoot, a UAE-Italy joint venture, was appointed as lead contractor in late 2017. The construction of the mall started in late 2017 and is planned to be completed by end 2020.
During the first three months of 2018, vast areas of excavation and backfill have been carried out and several major structural concrete pours have been completed. There are 7 of 14 tower cranes erected on site, the remainder will be finalised by the end of the month.
Reem Mall will bring over 2.9 million sqft of retail, leisure and entertainment facilities, including Snow Park Abu Dhabi.
“Reem Mall will set a new benchmark for shopping, leisure and entertainment in Abu Dhabi and beyond. We have taken the time to thoroughly plan the financing and the physical construction of the project to ensure that it delivers a world-class destination that Abu Dhabi and the wider UAE can truly be proud of. Construction on Reem Mall started late last year and we look forward to delivering this new lifestyle, retail and entertainment destination,” says Shane Eldstrom, CEO, Al Farwaniya Property Developments.
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion.
The Reem Mall project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies Agility, Agility affiliate United Projects for Aviation Services Company (UPAC) and National Real Estate Company (NREC).
Words by Katie Streten Experiential Strategy Director, VMLY&R COMMERCE Throughout the last year,June 13, 2021 | By Shruthi Nair
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