Kuwait, 15 November 2016: Reem Mall, Abu Dhabi’s upcoming fashion, entertainment and dining destination in the heart of Abu Dhabi, and a joint venture between NREC and UPAC, announced this morning that it has signed terms of agreement with Dubai Holding Group.

Commenting on this latest development for the much anticipated US $1 billion project, Shane Eldstrom, Chief Operating Officer for Reem said: “We are very pleased to announce this new partnership with Dubai Holding Group, and the exciting new brands joining our retail offering. Today’s announcement is yet another milestone for the project which bears testament to the ambitions of Reem Mall. Our leasing programme is well underway, with a number of leading retailers and global dining and lifestyle brands poised to become a part of Reem Mall’s prime shopping, gastronomic and entertainment portfolio.”

Dubai Holding Group represents some of the finest international fashion and lifestyle franchise stores in the region, and is one of the Middle East’s most progressive and fastest growing retail organizations representing famous brands such as Zara, Zara Home, Flamant, Promod, Stradivarius, Women’s Secret, Gerard Darel, Sfera and Delvaux.

His Excellency Ali Bin Saeed Al Shamsi, Chairman of Dubai Holding Group, said: “Reem Mall’s vision to create a stylish, bustling and best in class shopping and lifestyle center for the region has inspired us to bring our portfolio of international brands to this outstanding development. Reem Mall has gone beyond traditional conceptions of a mall to create a mixed-use development with a sense of place and community cohesion built in – a center for social life and gathering as well as shopping and dining.”

Reem Mall, developed by NREC and UPAC, is a 2 million sq. ft. retail, leisure, dining and entertainment destination, located on Abu Dhabi’s Reem Island. Construction on Reem Mall commenced at the end of 2015, at the entrance of the new master-developed residential and commercial zone on the eastern side of Abu Dhabi’s mainland.

Reem Mall will bring to the capital a diverse assortment of family-focused retail, leisure and entertainment offerings, with 450 stores including 85 food and beverage outlets and a wide range of edutainment and entertainment anchors. Reem Mall will also house the world’s largest indoor snow-play park, a 125,000 sq. ft. indoor amusement space, characterised by unique entertainment for the entire family including sledging, zorbing and luge.

About the National Real Estate Company (NREC):
Established in 1973, the National Real Estate Company (NREC) is a publicly-listed company on the Kuwait Stock Exchange and a regional pioneer in real estate investment, development and property management. NREC has developed a strong portfolio of retail, commercial and residential real estate in emerging and established markets across the Middle East and North Africa (MENA).

NREC is today one of the largest real estate companies in the MENA region, with assets of KD571.5 million and KD222.3 million in shareholders’ equity. NREC is the largest shareholder of Agility Public Warehousing Company, one of the top 15 logistics companies globally, with a 22.34% share.

NREC’s high profile portfolio across the MENA region includes:

● Souq Sharq: The first waterfront shopping mall in Sharq, Kuwait

● Grand Heights: A high-end residential development of 3.8 million square meters in Egypt

● Palm City Residences: An exclusive, secured and serviced residential community in Libya

●  Aqaba Warehousing and Industrial Park: A 1.5 million square meter “Gated Business Park” that supports all storage and industrial requirements located in Aqaba, Jordan

●  Reem Mall: A super-regional mall under development in Abu Dhabi, UAE

Reporters may contact:
Fawaz Al Sirri | Bensirri PR | +965 66622448 | fawaz@bensirri.com

© Press Release 2016