Dubai – Mubasher: Nakheel on Sunday announced awarding an AED 595 million ($162 million) contract for the construction of Nad Al Sheba Mall to Metac General Contracting Company.
The total value of Nakheel’s 1.4 million square foot shopping, shopping, dining, and entertainment Nad Al Sheba Mall amounts to AED 825 million.
The mall slated for completion in 2021 will house 200 shops, restaurants, and entertainment outlets spread across 500,000 square feet of leasable space. Nakheel said in a statement.
The mall is located in the Nad Al Sheba area which houses a Nakheel community comprising 1,572 villas, of which 468 are being constructed by Metac under an AED 781 million contract awarded in 2015.
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“The community has its own clubhouse, pool, sports courts and cycling track. Villas will be available for lease from early 2019,” the developer said, noting that the Nad Al Sheba Mall is part of Nakheel Mall’s AED 22 billion expansion that will raise the mall’s total retail space to exceed 17 million square feet.
The Nad Al Sheba construction award comes two months after Nakheel awarded an AED 4.2 billion deal to build Deira Mall, the biggest mall in the Middle East in terms of leasable space.
In addition to the shops, the new mall will be home to two supermarkets, Spinneys and Union Co-op, as well as department stores, a multi-screen cinema, medical clinic, fitness centre.
