Nakheel is teaming up with Al Nasr Cultural and Sports Club to build a new mall worth $82 million, equivalent to AED300 million, in the Al Khawaneej district in Dubai, according to Construction Week Online.
The planned joint venture will be executed on a built-up area of 72,000 square metres, including leasable space of 30,658 square metres.
The project will encompass parking spaces for almost 700 vehicles as well as three floors of retail, restaurant, and entertainment facilities, which are set to comprise a supermarket, a cinema complex, a fitness centre, a fun zone, and a food court.
The project will be managed by Nakheel Malls, which already owns 19 retail projects in its portfolio, Dubai Media Office reported.
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, said Nakheel’s chairman Ali Rashid Lootah on Monday.
“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,”Rashid further added.
HE Ibrahim Al Fardan, chairman of Al Nasr Investments Company announced that 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.