Master developer Nakheel and Al Nasr Cultural & Sports Club signed an agreement to build an AED300mn mall in Dubais Al Khawaneej district.
Under the joint venture, the two organisations will deliver a retail, dining, and entertainment hub with a total built up area of 72,000sqm, including 30,658sqm of leasable space.
Managed by Nakheel Malls, the retail subsidiary of Nakheel, the project will have ground floor parking for nearly 700 vehicles and three floors of shops, restaurants and entertainment outlets, including anchor stores, a supermarket,
cinema complex, fitness centre, fun zone and food court.
Ali Rashid Lootah, chairman of Nakheel, said: The new mall at Al Khawaneej will unite the Middle Easts largest retail developer and one of the regions most prominent sports and cultural organisations. We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej. We look forward to building on our ever-growing retail real estate success story with this new venture, and to a long and fruitful partnership with Al Nasr Club.
HE Ibrahim Al Fardan, chairman of Al Nasr Investments Company, said: 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.
The mall at Al Khawaneej joins 19 other retail projects ranging from large-scale destination malls to neighbourhood retail centres in Nakheel Malls project portfolio, which currently comprises more than 162ha of leasable space.
Last month, Nakheel signed a joint venture with the Sharjah Investment and Development Authority (Shurooq) for its first project outside Dubai: an AED75mn retail centre at Al Rahmaniya. Discussions are underway for more retail joint ventures across the UAE.