Dubai - Mubasher: Dubai developer Nakheel has closed an agreement with Al Nasr Cultural and Sports Club to launch an AED 300 million mall in Dubai’s Al Khawaneej district.
The new mall will comprise ground floor parking with a capacity of 700 vehicles, three floors of shops, restaurants, and entertainment outlets, according to a company statement released on Monday.
“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,” Nakheel’s chairman Ali Rashid Lootah commented.
The joint venture will be managed by Nakheel Mall, a subsidiary of UAE-based Nakheel, and will have a total built-up area of 775,000 square feet (sq ft) and a total leasable area of 330,000 sq ft.
“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,” Al Nasr Investments Company’s chairman Ibrahim Al Fardan said.
