A massive Reem dream will soon be a reality – after a major investment deal was sealed for the construction of a new Dhs1.2 billion mega mall on the island.
Construction is set to get underway on Reem Mall, one of the jewels in the ongoing development of Reem Island, after the consortium spearheading the retail project secured vital financing.
The eagerly-awaited mall will boast two million square feet of leasable space, including 450 stores housing local and international brands, with 85 dedicated food and beverage venues, as well as an array of educational and family-friendly outlets such as Snow Park Abu Dhabi, which is set to become a huge visitor attraction.
The scheme is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC).
To complete the financing, Al Farwaniya signed a Dhs1.6 billion, seven-year senior credit agreement with Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank.
Tarek Sultan, CEO of Agility, said: “The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action.
“The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects.”
Faisal Sultan, Chairman of NREC, added: “Reem Mall is moving forward in an exciting way. It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. We look forward to the day it opens its doors to its residents and visitors.”
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is expected to have a population of 200,000 residents at completion.