By: Amr Adel
Dubai - Mubasher: The CEO of Reem Mall is expecting a new tender to build the new Reem Mall on Abu Dhabi’s Reem Island during the third quarter of 2017, with the project set to be delivered by 2020.
Shane Eldstrom told reporters on the sidelines of a joint press conference with Majid Al Futtaim Ventures that the door will be reopened to tender offers for the $1 billion project, after it was presented two years ago, but challenges concerning designs and approvals led to the delay.
All of the project’s designs have been completed, Eldstrom noted.
The project will be financed by Kuwait’s National Real Estate Company, United Projects for Aviation Services Company (UPAC), as well as other partners and through the funds from local and international banks, Eldstrom indicated refusing to reveal more details.
Today, Reem Mall and Majid Al Futtaim Ventures announced a new partnership, which will bring the region’s first standalone themed indoor snow park to the more than US$ 1 billion project.
This is the first time that Majid Al Futtaim Ventures has announced an indoor snow entertainment concept outside Majid Al Futtaim’s owned shopping malls, building on the success of Ski Dubai over the years, and the highly positive response to Ski Egypt, which opened in Cairo’s Mall of Egypt earlier this year.
The entertainment offering will make up almost 202,000 square feet, which accounts for 10% of the total mall space, according to the company’s statement.
Reem Mall will span over 2.9 million square feet of floor area, delivering 2 million square feet of leasable area of retail, leisure, dining and entertainment offerings on Abu Dhabi’s Reem Island.
The agreement is still being discussed and final stages are yet to be reached, Eldstrom said.
Abu Dhabi is still in need for more entertainment areas as per Eldstrom, who added that developers are very optimistic about the outcome for the emirate’s real estate sector.
Meanwhile, Ahmed Galal Ismail, the CEO of Majid Al Futtaim Ventures pointed to the high demand on entertainment facilities in Abu Dhabi, the capital of the UAE, because of its family-friendly nature.
He added that Abu Dhabi has achieved a record high of visitors recording 4.4 million visitors last year.
This is the second collaboration between Reem Mall and Majid Al Futtaim after previously signing a deal to open a Carrefour hypermarket at the upcoming Abu Dhabi destination.
