Tamdeen Group announces $700-mn Al Khiran project


March 10, 2015 | By RetailME Bureau

Kuwait-based mixed-use property developer Tamdeen Group has announced its upcoming multi-million dollar Al Khiran development to be located at the heart of the Sabah Al Ahmed Sea City. Spanning 3.8 sqft and valued at $700 million, this resort-style project with a stunning water-front is expected to create significant opportunities for Kuwait’s tourism and business growth.

A first-of-its-kind development in Kuwait, Al Khiran will house the first high-end Outlet Mall here – spread across 807,293 sqft housing a diverse mix of luxury and premium brands. The entire mall will have an outdoor ambience with indoor streets covered by continuous skylights to provide natural light. Designed by RTKL, the mall will have a unique resort-style architecture which will incorporate traditional Arabic motifs. The mall’s façade will add to its identity providing a highly sustainable solution filtering light and providing shade. A continuous covered arcade will showcase the retail elements and provide comfortable seating for various restaurants.

In addition to the mall, the project will also include two high-rise residential towers, one furnished apartment tower, a marina housing over 900 boats and a five-star resort style hotel with an international spa component. “We believe in Kuwait, in its economic future and its excellent legal systems. The new found cooperation between the government and parliament has given us even more confidence to invest further in Kuwait. And today we have projects worth $2 billion in the pipeline,” shares Tamdeen Group chairman Mohammed Jassim Khalid Al Marzouq.

He continues, “Kuwait is recognised as a country that has one of the world’s highest per capita income estimated at $48,260. The country is well-placed to drive growth across different retail segments. It also remains one of the most underserviced markets in the GCC in terms of quality retail space. Kuwait’s economy is among the strongest in the region and in a country where 45% of the population is in the 20-to-39 year age range, with household spending on international brands within the retail sector being on the rise. This is where Al Khiran will offer value not just in terms of shopping but an overall customer experience.”

The Tamdeen Group has been developing significant shopping centres and mixed-use properties over the last two decades such as 360 Mall and the Al Kout waterfront project. Their unique architecture makes them one-of-a-kind destinations offering an unmatched shopping experience for their discerning customers. Al Khiran will add to that offering in its own unique way. “We strongly believe that Kuwait has huge untapped potential for ‘conservative tourism’ and this project will attract people from our three large neighbours creating a new destination,” Al Marzouq explains.

“Kuwait has been witnessing a 6.6% average rise in tourism and increasing demand for domestic spend on luxury products and services. Projects like Al Khiran will fulfill that national expectation and Tamdeen Group is honoured to be a catalyst to the country’s overall economic, retail and tourism growth,” he concludes.

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