Kuwaiti developer announces maiden retail development in the UAE

ABU DHABI: Kuwaiti developer, National Real Estate Company (NREC) has announced the development of Reem Mall on Al Reem Island, its first retail project in the United Arab Emirates, according to a press release on Cityscape Abu Dhabi’s website.

NREC’s retail plans were unveiled during Cityscape Abu Dhabi, coming a week after announcing a residential project, Carina Views, also located on Al Reem Island. The three-level mall will have gross floor area of 260,000 sq m, 35,000 sq m of rooftop boutique office units, 170 apartments and a four-star hotel.

The mall, catering to the mid to high-end market, will also feature a design unique to Abu Dhabi’s market; each aspect of the mall will be designed to create a specific ambience imitating the four elements of water, earth, air and fire. A VIP cluster, housing brand names in fashion, jewellery and accessories are being planned, offering shoppers direct access to these shops from the parking lot.

“We’ve established ourselves in several countries throughout the Middle East and North Africa region, so entering the UAE’s real estate sector was the next obvious move for us to make, and plays an integral part in the company’s growth plans. At a time when the property market has been more volatile than usual, we’re proud to be able to contribute to the UAE government’s ambitious strategic vision for Abu Dhabi, and look forward to adding value to its urban environment and retail landscape,” said Jamil Sultan Al-Essa, chairman of NREC.

NREC was established in 1973, and owns and manages properties and assets in Kuwait. The company ventured overseas with several projects in 2006.

Al Reem Island is a residential, commercial, leisure and retail development situated about 600m off the coast of Abu Dhabi, covering 6.5 million sq m with an over US$30 billion (RM96.14 billion) development cost. The island is being developed by three developers, Reem Investments, Tamouh and Sorouh Real Estate.

Cityscape Abu Dhabi, one of the world’s largest international business-to-business real estate investment & development conference and exhibition is being held from April 18 to 21 at the Abu Dhabi National Exhibition Centre.