A subsidiary of the Dubai-listed logistics company Agility yesterday said it would invest up to US$225 million over the next three years in a mall being built by National Real Estate Company (NREC) in Abu Dhabi.
United Projects for Aviation Services Company (Upac) and NREC have signed an agreement to this effect, according to the Dubai Financial Market website.
Agility did not provide any other details except that the financial impact for the investment would be disclosed from time to time as required by the market regulator.
Agility and NREC are Kuwaiti companies.
Upac manages commercial space in Kuwait and real estate in Kuwait International Airport, according to Agility’s website.
The 2 million-square-foot mall is being constructed on Reem Island and will have 450 stores, 85 food and beverage outlets and “some of the largest hypermarket space in the region”.
NREC first announced plans for the project in 2008, but it has only made progress recently. The developer said in January that construction would start this year and would be completed by 2018.
“The Reem Mall will become one of Abu Dhabi’s new major retail, leisure, dining and entertainment destinations, serving the new heart of the capital,” Shane Eldstrom, NREC’s vice president for development said last year. “Our modelling for Reem Mall was always based on developing the project as Reem Island itself was building momentum as a residential centre.”
* with Reuters
Follow The National’s Business section on Twitter