Construction

Nakheel and Al Nasr Cultural & Sports Club to build a $81 million mall in Dubai

Retail, dining and entertainment hub planned for Al Khawaneej

Nakheel and Al Nasr Cultural & Sports Club have announced they are build a $81 million mall in Dubai’s Al Khawaneej district.

Under the joint venture, the two organisations will deliver a retail, dining and entertainment hub with a total built up area of 72,000sqm, including 35000sqm of leasable space, the companies said in a statement.

The new mall will be managed by Nakheel Malls, the retail subsidiary of Nakheel, the project will have ground floor parking for nearly 700 vehicles and three floors of shops, restaurants and entertainment outlets, including anchor stores, a supermarket, cinema complex, fitness centre, fun zone and food court. 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 1.6 million sqm of leasable space.

“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 Ali Rashid Lootah, Chairman of Nakheel. “ 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.”

HE Ibrahim Al Fardan, chairman of Al Nasr Investments Company, added: “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.”

 

 

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