Kuwait’s National Real Estate Company (NREC) has delayed the construction of its AED1.2bn ($327m) Carina Views residential development and its AED3.2bn Reem shopping Mall projects in Abu Dhabi.

MEED reported in October that NREC had shortlisted two contractors for main construction package on the Carina Views residential project, and that the proposed shopping mall development was in the final stages of design work (MEED 1:10:10).

The projects are now delayed due to issues regarding financing, says a source close to the projects.

The Carina Views project is planned to include four 22-storey towers. The towers will contain 684 residential apartments, community rooms, swimming pools and parking facilities. The development will have a total built up area of 156,800 square metres.

The projects [Carina Views and Reem mall] are now delayed due to issues regarding financing

Source close to the projects

The Reem mall development is scheduled to include retail units, office units, a 500-room four star hotel, 170 residential apartments and car parking facilities.The gross floor area of the shopping area will be 260,000 sq m and the office units will occupy an area 35,000 sq m. With the inclusion of the car parking facilities, the total development will cover an area of 960,000 sq m.

Germany’s Bauer was awarded contracts for enabling and piling works on both projects. The developments are planned to be located on Reem island.