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FINANCIAL NEWS
Kuwait’s UPAC to invest USD224m in Abu Dhabi project
30 Oct 2014
(MENAFN) Kuwait-based National Real Estate Company (NREC) announced signing with United Projects for Aviation Services Company (UPAC), as new partner who will invest USD224 million ,through its real estate subsidiary, Al Arfaj Real Estate Company, in developing a mega shopping mall in Abu Dhabi, Arabian Business reported.
Reem Mall, which is a 2 million square foot retail, leisure, dining and entertainment destination, which will be built on Reem Island at an expected cost of USD1 billion, which will start construction in 2015 and expects to open in 2018.
NREC said that this project is much needed in Abu Dhabi, which needs a world-class, centrally located retail center to meet the needs of the main island and of Reem Island’s residents.
“Our strategic partnership and investment in the Reem Mall project will ensure timely delivery of this significant addition to the region’s retail industry. This is one of the most substantial investments that we have undertaken and it will significantly enhance our relationships with major industry partners such as NREC, as well as solidify our position as a leading real estate management company,” CEO of UPAC said.
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