Coming up: Dh300 million mall in Al Khawaneej
Nakheel and Al Nasr Cultural & Sports Club have joined hands to develop a Dh300 million mall in Al Khawaneej district.
Under the joint venture, the 2 organisations will deliver a retail, dining and entertainment hub with a total built-up area of 775,000 square feet, including 330,000sqft of leasable space.
Managed by Nakheel Malls, the retail subsidiary of Nakheel, the project will have ground floor parking for nearly 700 vehicles and 3 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 East’s largest retail developer and one of the region’s 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.”
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 17.5 million sqft of leasable space.
Last month, Nakheel signed a joint venture with the Sharjah Investment and Development Authority (Shurooq) for its first project outside Dubai: a Dh75 million retail centre at Al Rahmaniya. Discussions are underway for more retail joint ventures across the UAE.
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