05 July 2015, Abu Dhabi, UAE

The development of Reem Mall, Abu Dhabi's up and coming entertainment, dining and shopping destination, has taken a significant step forward after Abu Dhabi Urban Planning Council (UPC) granted approval for the project's concept plans.

The Concept Planning Report (CPR) approval paves the way for the Enabling Works Permit, also issued by the UPC, which will allow for construction to commence on the US$ 1 billion project this year.

The news comes just weeks after UPC gave the go-ahead for  the Reem Island Integrated Concept Masterplan. Reem Mall forms a significant elements of the overall vision for Reem Island, which will eventually become home for more than 200,000 residents.

Once completed, Reem Mall, developed by the National Real Estate Company (NREC) in partnership with United Projects for Aviation Services Company (UPAC), will deliver 2 million sq ft of retail, leisure, and dining and entertainment choices with some 450 stores including 85 food and beverage outlets.

Shane Eldstrom, Vice President - Development, NREC, commented: "The UPC approval represents a major milestone in the development of Reem Mall, allowing the project to move closer to the construction phase. Subject to all required permits, we look forward to breaking ground on site this year."

Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. 

UPAC is one of Kuwait's leading real estate management companies. Under the agreement, UPAC will invest up to US $224 million in the project through its real estate subsidiary, Al Arfaj Real Estate Company.

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About Reem Mall
Reem Mall is Abu Dhabi's major new retail, leisure, dining and entertainment destination. It is expected to launch in 2018, with construction beginning by 2015. The Reem Mall project will include around 450 stores, 85 F&B outlets and a range of family-focused entertainment offerings.

About NREC
Established in Kuwait in 1973, the National Real Estate Company (NREC) is a publically listed real estate and investment company with a presence in the Middle East and North Africa.

Over the years, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets and capital of US$ 1.9 billion and manages 80 million square feet of land.  The organisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya.  The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls.

About United Projects Co
Established in 2000, publicly listed on the Kuwait Stock Exchange, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.

For more information please contact:
Mohaned Lafi
Four Communications Group
reemmall@fourcommunications.com
055 985 3379

Press Release 2015