Dubai Holding signs deal for fashion and lifestyle franchises
Abu Dhabis Reem Mall has signed a retail agreement with Dubai Holding for the proposed mall development in the capital.
Dubai Holding offer some of its fashion and lifestyle franchises at the $1bn project, which is yet to be built.
Earlier this month MEED reported that the developers backing Abu Dhabis Reem Mall project are planning to retender the main construction contract for the scheme.
Selected contractors submitted expressions of interest in late October for the upcoming tender.
The local/UK Al-Futtaim Carillion had been selected as the preferred bidder for the deal in August. At the time, construction work was scheduled to start this year, with the mall planned to open in 2018.
The scheme involves building more than 2 million square feet of retail, leisure, and entertainment facilities, including 450 stores, and 85 food and beverage outlets.
The UKs Faithful+Gould is providing a range of core services, including cost management, development advisory, project controls and specialised commercial management.
Kuwaits National Real Estate Company (NREC) is developing the project in partnership with fellow Kuwaiti developer United Projects for Aviation Services Company (UPAC), which will invest up to $224m in the scheme through its real estate subsidiary Al-Arfaj Real Estate Company.