NREC and AMS sign the retail property consultancy agreement for 360,000sqm Reem Mall at Cityscape Abu Dhabi 2008
Posted on Tuesday, 13 May 2008
Industry Sector Real Estate
Country United Arab Emirates
Client(s) Aswaq Management & Services
Press Release Content
Located on Reem Island at Najmat Abu Dhabi, the mall offers 700 outlets with over 10,000 parking spaces.
Aswaq Management & Services (AMS), the Abu Dhabi-based mixed-use property consultancy, sale and leasing company, today signed the retail consultancy and leasing assistance agreement for Reem Mall located on Reem Island in Najmat Abu Dhabi at a ceremony held at Cityscape 2008.
National Real Estate Company (NREC) - a publicly quoted company both in Kuwait and in Dubai with a diversified portfolio of enterprises - is the developer of Reem Mall. The agreement was signed between H.E Nasser Al Nowais, Chairman, AMS and Jamil Sultan Al Eissa, Chairman, NREC. Also present at the signing was NREC General Manager, Khaled Al Abdallah.
Speaking at the signing ceremony, H.E Nasser Al Nowais said, "The retail avenues in the UAE capital are expanding at an enormous rate and there has been a notable shift towards the provision of international standard shopping malls. In this regard we are extremely delighted and proud to sign the consultancy agreement for Reem Mall located on one of the most impressive tourist developments in the world - Reem Island. Our deal announcement also comes at a perfect time as Cityscape AbuDhabi is an ideal networking event and attracts top regional and international investors. It creates an ideal platform to announce major deals of this kind that reflect the upward moving commercial property segment in the emirate".
"NREC's portfolio comprises of some prestigious flagship projects and we are extremely positive that we will jointly be able to provide consumers and visitors a unique and ideal destination to shop." Reem Mall will host the largest Hypermarket in Abu Dhabi and will be operated by The Sultan Centre from Kuwait. The leisure activities in the mall include an iconic family entertainment Centre, 15 screen cinemas, and comprises of roof top amenities with gardens including fine dining restaurants.
The mall offers a Gross Leasable Area (GLA) of 200,000sqm with 700 outlets. In addition it provides over 10,000 parking space and is scheduled to open in the first quarter of 2012. The mall received an overwhelming interest from major retail groups of the region.
Commenting on the signing ceremony Jamil Sultan Al Eissa, Chairman, NREC, said, "We foresee tremendous growth prospects in the emirate and with the opportunity to develop a shopping destination with world class renowned brands all under one roof, we required top grade consulting and assistance. The mall has already received an overwhelming interest from major retail groups of the region. AMS has an edge over the others that is clearly evident with their vast experience and quality products delivered over time. We strongly believe that together we will be able to deliver a unique and outstanding mall where the customers will have a rejuvenating shopping experience".
AMS provides consultancy, leasing and management services for various projects in the region. AMS and its regional affiliates in the GCC-Levant region - AMS-Dubai, Gulf Management & Services in Bahrain, Beirut Real Estate Management & Services s.a.l. in Lebanon and Amman Real Estate & Management Services in Jordan manage 17 projects, covering a combined Gross Leasable and / or Sellable Area (GLA / GSA) of over 5 million square metres.
Among AMS' clients are leading property owners and developers in the region including Dubai Properties, Abu Dhabi Trade Centre, Manazel Real Estate, Bani Yas Investment and Development Company, Jumeirah Beach Residence, Sultan Al Dhaheri Group, Solidere, Abdali Investment & Development PSC and Gulf Holding Company.
