Source : Arabian Business
Master developer Nakheel on Monday said it is teaming up with Al Nasr Cultural & Sports Club to create a AED300 million ($81 million) mall in Dubai’s Al Khawaneej district.
Under the joint venture, the two organisations will deliver a retail, dining and entertainment hub with a total built up area of 775,000 square feet, including 330,000 sq ft of leasable space.
Managed by Nakheel Malls, the retail subsidiary of Nakheel, the project will have ground floor parking for nearly 700 vehicles and three floors of shops, restaurants and entertainment outlets, including anchor stores, a supermarket, cinema complex, fitness centre, fun zone and food court, a statement said.
Ali Rashid Lootah, chairman of Nakheel, said: “The new mall at Al Khawaneej will unite the Middle East’s largest retail developer and one of the region’s most prominent sports and cultural organisations.
“We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej. We look forward to building on our ever-growing retail real estate success story with this new venture, and to a long and fruitful partnership with Al Nasr Club.”
Ibrahim Al Fardan, chairman of Al Nasr Investments Company, added: “Al Nasr Sports Club continues to seek distinguished real estate investment opportunities to enhance its project portfolio. This mall is a prime example of our ongoing income diversification strategy.”
The mall at Al Khawaneej joins 19 other retail projects – ranging from large-scale destination malls to neighbourhood retail centres – in Nakheel Malls’ project portfolio, which currently comprises more than 17.5 million sq ft of leasable space.
Last month, Nakheel signed a joint venture with the Sharjah Investment and Development Authority (Shurooq) for its first project outside Dubai: an AED75 million retail centre at Al Rahmaniya. Discussions are underway for more retail joint ventures across the UAE.
Al Nasr Investment Company manages several successful investment projects, including real estate projects, with more in the pipeline.