UAE developer Nakheel is joining forces with Al Nasr Cultural and Sports Club to build a mall in Dubai in Al Khawaneej District with a cost of AED 300 mn, Invest-Gate reports.
The two parties will build a retail, dining, and entertainment center with an area of 72,000 square meters, including 30,360 square meters of leasable space.
The mall will encompass a garage and three floors of entertainment, food, and anchor outlets; in addition to a cinema, fun zone, and a fitness area. All of these facilities will be managed by Nakheel Malls, the retail subsidiary of Nakheel.
Ali Rashid Lootah, chairman of Nakheel, expressed his satisfaction with the new joint venture with Al Nasr Club by saying, “We are proud to team up with Al Nasr Club to create what will become the vibrant centerpiece 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.”
On his part, Chairman of Al Nasr Investments Company Ibrahim Al Fardan said, “Al Nasr Sports Club continues to seek distinguished real estate investment opportunities to enhance its project portfolio.” He also added that his company is always aiming to increase their investments, ”This mall is a prime example of our ongoing income diversification strategy.”
Nakheel’s latest deals include a joint venture with Sharjah Investment and Development Authority (Shurooq) for a retail center at Al Rahmaniya at a cost of AED 75 mn.