Reem Mall Group Names Construction Contractor
Announcement follows completion of financing for world-class $1.2 billion retail and entertainment destination
KUWAIT – November 27, 2017 – The Reem Mall consortium today announced the appointment of Itinera Ghantoot, a UAE-Italy joint venture, as lead contractor on the $1.2 billion shopping, leisure and entertainment project.
Itinera Ghantoot is a joint venture between Itinera, one of Italy’s largest construction companies, and Ghantoot, one of the UAE’s leading builders, which has extensive experience in Abu Dhabi and the Emirates.
The group backing Reem Mall announced on 21 November that it had signed a $457 million senior credit facility to complete financing on the project, a mega-mall of 450 stores and food and beverage outlets spread over 2.9 million square feet in the Najmat District of Reem Island. The mall will offer education attractions and family-focused entertainment such as Snow Park Abu Dhabi.
The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies: Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations to the planned mega-mall project.
Shane Eldstrom, CEO of Al Farwaniya Property Developments, said: “This is a major milestone toward delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination. We are very excited about working with the Itinera Ghantoot JV. We are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of.”
Ghantoot is one of the Middle East’s leading construction, development and service groups, specializing in civil engineering, electrical projects, road construction and transport and marine services. Itinera is responsible for construction of showcase projects across the USA, Latin America, Europe, and Africa. The Reem Mall contract follows Itinera’s success with Il Centro mall in Arese, Italy, one of Europe’s 10 largest shopping centres. Il Centro received the MAPIC Award for the Best Shopping Mall in the World in 2016.
Massimo Malvagna, CEO of Itinera, said: “This prestigious contract to build Reem Mall rewards Itinera’s skills and know-how in highly complex civil and industrial building projects that have architectural, commercial, and social value. We are proud to participate in this initiative and to partner with Ghantoot, which has a global reputation for finding the creative solutions to complex projects. Together, we will be able to deliver something special for Abu Dhabi.”
Manea Ali Al Balooshi, Managing Director of Ghantoot Transport and General Contracting said, “We are always looking for ways to turn imaginative ideas into leading products and services and it is an honour for us to work alongside the distinguished Itinera for the successful development of Reem Mall. We look forward to delivering this iconic retail establishment to Abu Dhabi in the timeliest manner.”
The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion.
About Reem Mall
Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The Reem Mall project will comprise 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including Snow Park Abu Dhabi by Majid Al Futtaim.
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Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.1 billion in revenue and more than 22,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support, and commercial real estate services.
Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa. Over the years, NREC has grown into one of the largest real estate companies in the region with assets exceeding US$ 1.8 billion. Headquartered in Kuwait, NREC has subsidiaries and developments across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects (completed or under development) includes offices, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and required knowledge in property management of commercial complexes and shopping centers.
Established in 2000, publicly listed on Boursa Kuwait, 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 visit the website: www.upac.com.kw
Founded in 1938, Itinera is one of the leading companies in Italy and around the world in the construction of large infrastructure projects and in the development of greenfield concession projects.
Itinera is part of the Gavio Group, the world’s fourth largest operator in toll motorways with approximately 3,320 km of network since the 1960s, and is present worldwide from the USA to Latin America, Europe, Africa and Middle East.
For more information please visit the website: www.itinera-spa.it
About Ghantoot Group
Ghantoot Group is the region’s leading construction, development and service group specializing in civil engineering, electrical projects, road construction and transport and marine services. From civil works to electrical projects, marine works to landscaping and irrigation, pharmaceuticals to interior designing, Ghantoot Group has always been dedicated in turning imaginative ideas into leading projects and services.
For more information please visit the website: www.ghantootgroup.com
About Reem Developers
Headquartered in Abu Dhabi, Reem Developers is one of the key developers in the capital, contributing to the city’s cosmopolitan skyline in alignment with the Abu Dhabi 2030 vision. A subsidiary and real estate arm of the prestigious Reem Investments, Reem Developers delivers immaculate quality projects, leaving a mark on the city with creative, efficient and functional design. With a diverse portfolio of successful projects, Rawdhat, Najmat and Nalaya villas are a few that have redefined vibrant living and tranquil bliss in one setting. A blend of natural beauty and modern innovation, these projects rise to the forefront with their conceptual essence, highlighting the distinguished standard Reem Developers produces.
Najmat, a 165 hectare Manhattan-like township covers 20% of Reem Island. Najmat will be home to residential and commercial towers and will also feature a marina, canal, waterfront promenades, hotels, shopping malls, schools, healthcare facilities, mosques, parks and ample open spaces. The first two of three infrastructure phases are complete and development is currently underway.