Abu Dhabi approves Reem Mall building
THE development of Reem Mall, Abu Dhabi's up and coming entertainment, dining and shopping destination, has taken a significant step forward after Abu Dhabi Urban Planning Council ( UPC ) granted approval for the project's concept plans. The Concept Planning Report (CPR) approval represents a significant milestone for the $1 billion project and keeps it on plan to open in 2018. The news comes just weeks after UPC gave the go-ahead for the Reem Island Integrated Concept Masterplan. Reem Mall forms a significant elements of the overall vision for Reem Island, which will eventually become home for 210,000 residents. Once completed, Reem Mall, developed by the National Real Estate Company (NREC) in partnership withUnited Projects for Aviation Services Company ( UPAC ), will deliver 2 million sq ft of retail, leisure, and dining and entertainment choices with some 450 stores including 85 food and beverage outlets. Shane Eldstrom, Chief Operating Officer, Reem Mall, said: "The UPC approval represents a major milestone in the development of Reem Mall, allowing the project to move closer to the construction phase. Subject to all required permits, we look forward to breaking ground on site this year." Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. UPAC is one of Kuwait's leading real estate management companies. Under the agreement, UPAC will invest up to $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.
