Saturday 1 November 2014
 
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GCC/ALEC JV WINS DEAL

$453m Doha Festival City Mall contract awarded

Doha, May 25, 2014

Bawabat Al Shamal Real Estate Company (Basrec), owner of Doha Festival City development, has awarded Gulf Contracting Company in joint venture with Alec Qatar (GCC/Alec JV) a QR1.65 billion ($453 million) contract for the main works on its mall.

Doha Festival City will be Qatar’s largest retail and leisure destination upon completion and the mall is being built on Al-Shamal Road.

The award of the contract follows a bidding and evaluation process and is a significant milestone towards the successful completion of the development which is scheduled to open in the third quarter of 2016, a statement said.

Upon completion, Doha Festival City Mall will be Qatar’s largest shopping mall with a gross leasable area of some 250,000 sq m.  It will house 550 outlets representing international and local brands, including 85 restaurants and cafes, the country’s first-of-its-kind Entertainment Zone which will include VOX Cinemas and a snow park, and will feature around 8,000 parking spaces.

“We have already signed tenancy deals with the region’s retail powerhouses, including Azadea, Alshaya, Landmark, Apparel, Rivoli, Dubai Holding Group, and Al-Futtaim Retail. Our main objective is to provide all of Qatar’s residents and visitors with a memorable experience every time they visit us,” said Kareem M Shamma, CEO of Basrec, the joint venture which comprises Dubai-based Al-Futtaim Real Estate Services, Qatar Islamic Bank (QIB), Aqar Real Estate Development & Investment Company and a private Qatari investor.  

The mall’s substructure works contract for the construction of basement and ground floor levels was previously awarded to the same contractor (GCC/Alec JV) in January 2014 and works have been progressing steadily with the main works due to commence in July 2014.

Doha Festival City Mall’s current phase of the development broke ground on April 23, 2013 with a bulk excavation contract, following the successful completion of the first Ikea store in Qatar, that opened its doors to the public in March last year.

Doha Festival City is the largest super-regional, mixed-use development currently under construction in the Middle East and upon its completion it will be Qatar’s largest retail, entertainment and leisure destination.

Doha Festival City will also be home to a hotel and convention centre, all located on a total site area of over 430,000 sq m that will also include around 8,000 parking spaces with an efficient vehicle management system. - TradeArabia News Service
 




Tags: contract | mall | Doha Festival City | basrec |

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