The $1bn mixed use development will feature malls, luxury hotels and residential towers.
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Abu Dhabi-based Gulf Related is leading a consortium of institutional investors to fund Sowwah Central. The construction on this project is scheduled to start in one year’s time, company officials have said.
“In 2013, we will be doing the engineering and design and in 2014, we will break ground for the construction of Sowwah Central,” Karim Al Solh, chief executive officer of Gulf Capital and co-managing partner of Gulf Related told reporters.
This $1bn mixed-use development will feature a 2.3 million sq ft mall, a luxury hotel and residential towers on the Al Maryah Island, in the capital. It is set to open in 2017.
Sowwah Central will be connected to 15.8 million square feet of adjacent, completed and occupied properties on Al Maryah Island. Gulf Related acquired the 50,000 square meter Sowwah Central site from Mubadala Real Estate & Infrastructure in November 2012.
Gulf Related also said that The Galleria at Sowwah Square, a 50-50 joint venture between Gulf Related and Abu Dhabi-based Mubadala Development Company is scheduled for opening in August this year.
The luxury retail destination is already 100% leased and is known to include luxury fashion brands such as Cartier, Louis Vuitton, Prada and Gucci.