UAE-based lifestyle retailer AZADEA Group is set to open 23 stores in Abu Dhabi’s Reem Mall to cement its position in the Middle East. As part of AZADEA’s expansion, Calzedonia, Deichmann, Flying Tiger Copenhagen and Intimissimi all opened their first Abu Dhabi stores late last month, while Mood, Reserved, Salsa, and Tezenis will each open debut units imminently. COO of AZADEA Group, Walid Chahine, said: “This new major development in Abu Dhabi represents a key milestone in our expansion strategy in the emirate. “We exist to provide our customers with an entertaining and exciting way of life and are undergoing a promising growth phase in the region. Abu Dhabi continues to maintain its position as a leading destination for shopping and attractions with the launch of differentiated projects such as Reem Mall that provide residents and tourists with several leisure, entertainment, and retail options.” Among the other brands that either recently opened or are set to open in the coming weeks are: Bershka, Boggi Milano, Decathlon, Eataly, KIKO Milano, Mango, Massimo Dutti, PAUL, Pull&Bear, Oysho, Sunglass Hut, Urban Outfitters and Virgin Megastore. The new brands make up a total footprint of 12,800 square metres of Reem Mall which is scheduled to fully open this quarter or the next quarter. COO of Reem Mall, Steve Bunce, said: “We are thrilled to witness the growing presence of our tenants as they open their stores and restaurants at Reem Mall. “We are delighted to have AZADEA – one of the region’s leading retail and leisure groups with a prominent presence in the development – on board. We eagerly anticipate the response of our customers to the new stores, which started to roll out at the end of last month.” Since its inception in 1978, the Group has developed more than 700 retail stores representing 37 international brands in areas such as fashion and accessories, home furnishings, sporting goods and beauty & cosmetics. AZADEA Group operates across 13 countries, including Saudi Arabia, Bahrain, Egypt, Jordan, Kuwait, Oman, Qatar and Cyprus.

Kuwait, 11 December 2017: Reem Mall, Abu Dhabi’s new up and coming entertainment, dining and shopping destination, has announced a significant new partnership with Azadea Group, the premier lifestyle retail company which boasts an infrastructure of more than 650 stores spread across a dozen countries of the Middle East and North Africa (MENA) region. As part of the agreement, Azadea Group will bring 11 influential brands to Reem Mall, totalling an area coverage of more than 4,200 sq. m. The Group’s popular franchise brands such as Virgin Megastore, Massimo Dutti, Bershka and Paul will add further value to the mall’s retail offering. Commenting on the partnership, Shane Eldstrom, Chief Executive Officer of Al Farwaniya Property Developments, said: “Our mission is to provide shoppers and visitors with a world-class retail experience and this significant new agreement with Azadea Group brings us closer to achieving this ambition. Azadea Group is a highly respected premier lifestyle retail company and they share our passion and commitment of the highest quality standards in customer care. We are very pleased to be enhancing Abu Dhabi’s retail landscape by working alongside them.”reem.jpg​ Marwan Moukarzel, Deputy Chief Executive Officer at Azadea Group said: “Our partnership with Reem Mall embraces our mission to further extend our promise in the wider MENA region of continuously providing entertaining and exciting experiences to our customers and people through great retail space. Overall, we are certain that this will only bring forth greatoutcomes and further cement our presence in the UAE, especially in the city of Abu Dhabi. We look forward to working with Reem Mall on the launch of this great new project.” Reem Mall, located on Abu Dhabi’s Reem Island, is set to offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising around 450 stores, 85 of which will be Food and Beverage, as well as a range of family-focused entertainment and edutainment anchors including Snow Park Abu Dhabi, a destination snow park attraction. The US $1.2 billion project is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion. Reem Mall is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations. About Reem Mall Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The Reem Mall project will comprise 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including Snow Park AbuDhabi by Majid Al Futtaim. For more information please visit the website: www.reemmall.ae Please connect with us on Facebook: facebook.com/reemmall About NREC Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa. Over the years, NREC has grown into one of the largest real estate companies in the region with assets exceeding US$ 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. For more information please visit the website: www.nrec.com.kw About UPAC 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 managementand 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 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. About Najmat 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. About Azadea Group Holding SAL Azadea Group is a premier lifestyle retail company that owns and operates more than 50 leading international franchise concepts across the Middle East and Africa. Since its inception in 1978, the Group has developed a substantial network of retail stores representing leading international brand names in fashion and accessories, food and beverage, home furnishings, sporting goods, multimedia and beauty & cosmetics. With over 12,000 employees and world-class infrastructure, the company oversees more than 650 stores across 13 countries including Algeria, Bahrain, Cyprus, Egypt, Ghana, Jordan, Kenya, Saudi Arabia, Kuwait, Lebanon, Oman, Qatar and United Arab Emirates. For more information, For more information please visit the website: www.azadea.com ​ About Agility 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 $4.8 billion in revenue and more than 20,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), provides supply chain solutions to meet traditional and complex customer needs. 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. For more information about Agility, visit agility.com Twitter: twitter.com/agility LinkedIn: linkedin.com/company/agility YouTube: youtube.com/user/agilitycorp

Located in the Najmat District of Reem Island, the mall will offer education attractions and family-focussed entertainment options, such as Snow Park Abu Dhabi. The project is being developed by Al Farwaniya Property Developments, a partnership between logistics giant Agility, Agility-affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Commenting on the contract award, Shane Eldstrom, chief executive officer (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, [and 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." Manea Ali Al Balooshi, managing director of Ghantoot Transport and General Contracting, added: "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 Itinera for the successful development of Reem Mall." Earlier this month, Agility announced that it had made an investment in the Reem Mall project. Al Farwaniya signed an agreement for a $457m (AED1.7bn) senior credit facility for the project. Spanning seven years, the facility is provided by regional and international banks, including Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. Reem Mall's announced that financing for the project was complete, with the latest agreement said to have launched the largest facility focussed on real estate in the UAE this year. Commenting on the agreement, Tarek Sultan, the chief executive officer of Agility, said: "The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. "The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action. "The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects."

Global logistics service provider, Agility, has invested in the $1.2bn (AED4.4bn) Reem Mall project that is being developed in Abu Dhabi. Reem Mall is being developed by Al Farwaniya Property Developments, which is a partnership between Agility, Agility affiliate, United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). READ: Reem Mall secures Estidama 2 Pearl design rating Al Farwaniya signed an agreement for a $457m (AED1.7bn) senior credit facility for the project. Spanning seven years, the facility is provided by regional and international banks, including Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. Reem Mall's announced that financing for the project was complete, with the latest agreement said to have launched the largest facility focussed on real estate in the UAE this year. Commenting on the agreement, Tarek Sultan, the chief executive officer of Agility, said: "The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. "The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action. "The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects." Faisal Sultan, chairman of NREC, added: "Reem Mall is moving forward in an exciting way. "It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. "We look forward to the day it opens its doors to its residents and visitors."

The developer behind the $1 billion Reem Mall project in Abu Dhabi has revealed that final agreement with a number of major retailers are imminent. National Real Estate Company (NREC) said in a statement announcing a 45 percent jump in net profit in the third quarter of 2017 that its leasing progression remains "above set targets" for the upcoming super mall which is scheduled to open in 2020. The company said it has already executed agreements with Landmark, Dubai Holdings, Majid Al Futtaim and others, bringing many of the top international and local brands including Vox cinemas, Magic Planet, Carrefour, Centrepoint, Max, New Look, and Snow Park Abu Dhabi. In April, the opening date of Reem Mall was pushed back by two years until 2020 due to changes in designs and delays in getting authority approval. The main construction contract is expected to be awarded by the end of this year. Kuwait-based NREC, which has a total of $2 billion in projects under development in the UAE, Egypt and other markets, posted net profit for the quarter of KD5.1 million, up 45.7 percent from last year, bringing the company’s year-to-date net profit to KD12.6 million, a 13.3 percent increase. It added that operating revenue more than doubled to KD12.3 million during Q3. Samuel Sidiqi, CEO of NREC said: “I am delighted with both our financial and business performance during the third quarter... This growth is mainly on account of operations in Egypt and Lebanon where we started the recognition of revenue from previously sold units. "Looking at the fourth quarter, we continue our positive outlook across our core markets this year.”

Al Futtaim Carillion has been named as the preferred tenderer for the construction of the $1bn Reem Mall in Abu Dhabi. Reem Mall now will enter into detailed contract negotiations with Al Futtaim Carillion exclusively, with the objective of finalising a deal to start works. Shane Eldstrom, chief operating officer for Reem Mall, said: "The announcement marks yet another milestone for Reem Mall and comes on the back of final permission to construct received from Abu Dhabi Municipality earlier this month. Al Futtaim Carillion was selected as the preferred tenderer due to its strong track record of delivering significant high quality projects in the region, and its team of construction experts. We look forward to successfully completing the tendering process.” Abu Dhabi-based Dutch Foundation is currently on site carrying out an enabling works contract involving excavation, lateral restraint systems, and dewatering. More than 7 million cubic feet of material have been removed to date, with dewatering progressing at a rate of 84,000 cubic feet per day. Eldstrom said: “Dutch Foundation’s works are paving the way for a quick and efficient start of the next stage of construction. As such, Reem Mall is on track to be the mall destination of choice for all residents and visitors across Abu Dhabi upon completion." Andrew Ridley-Barker, managing director of Al Futtaim Carillion, said: “Al Futtaim Carillion prides itself on delivering some of the most notable projects in the region. We hope to have the process concluded shortly and deliver this important retail project to the people of Abu Dhabi.” Reem Mall, developed by NREC in partnership with UPAC, will deliver 18.5ha of leasable area of retail, leisure, dining and entertainment choices. It will comprise around 450 stores, including 85 food and beverage (F&B) outlets and a range of family-focused entertainment offerings. It will also house the world’s largest indoor snow-play park.