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."

Delivering 2.8 million square feet of retail (2m square feet of leasable space) Reem Mall will comprise around 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings. Positioned on Reem Island – right in the heart of new Abu Dhabi – the mall will offer easy access along with ample parking with 6,800 vehicle spaces. The AED 4 billion project is being developed by The National Real Estate Company (NREC) and United Projects for Aviation Services Company (UPAC).

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.