$327m Nakheel Mall construction deal signed
Dubai, July 13, 2014
The new Nakheel Mall on Palm Jumeirah in Dubai moved a step closer today with the official signing of the Dh1.2 billion ($327 million) construction contract.
The contract to build the 418,000 sq m Nakheel Mall was signed between Nakheel and UAE firms United Engineering Construction (Unec) and Actco General Contracting Company, who were jointly awarded the contract in May this year. Construction is expected to begin soon, said a statement.
Nakheel Mall, the new centrepiece of Palm Jumeirah, will have five retail levels with more than 100,000 sq m of shop space, three basement parking levels with 4,000 spaces, 300 shops, two anchor department stores, a nine-screen cinema, medical centre and fitness complex. There will also be a roof plaza with a host of fine dining restaurants, as well as a diverse selection of food and beverage outlets inside. The project is expected to be completed in 2016.
Alongside Nakheel Mall will be The Palm Tower – Nakheel’s new, five-star, 50-storey hotel and residential complex – for which a separate construction contract will be awarded soon, the statement said.
Nakheel Mall is one of several new retail projects underway by Nakheel, whose growing retail portfolio also includes a 620,000 sq m mall at Deira Islands, announced in June.
Nakheel is also developing a night souk at Deira Islands, The Pointe at Palm Jumeirah, extensions to Dragon Mart Mall and Ibn Battuta Mall and retail centres at five Nakheel communities across Dubai, it said. - TradeArabia News Service