News Update

 

NREC recruits MSQUARED as retail consultants on the REEM MALL

19 June 2014, Abu Dhabi, UAE: National Real Estate Company (NREC), has assigned mSquared Shopping Centres as retail consultants for The Reem Mall, the new retail, leisure, dining and entertainment destination in Abu Dhabi. The UAE-based mSquared will provide The Reem Mall with retail development, leasing and asset management services as work on the Mall gets underway.

Shane Eldstrom, NREC’s Vice President – Development, said: “The Reem Mall project is now in full swing and we are in the process of hiring and working with the best consultants and advisors. The strategic insight and vision that the project team brings will ensure that The Reem Mall sets a whole new standard for the entire region. It will bring around two million square feet of A-class retail experience, offering customers in the UAE the complete day out.”

An investment of around US$1 billion will be put into The Reem Mall project and will include around 450 stores, 85 restaurants, and a range of entertainment features across three floors.

Co-founder of mSquared Rashid Doleh commented: “We are working closely with NREC to provide a bespoke retail strategy that will set the foundations for The Reem Mall. Our early involvement allows us to add substantial value to the project through design and revenue optimisation, front end cost savings, operational efficiencies and project impetus. Our paramount focus is always on defining the correct retail experiences for the target audience. Collaboration with our retail partners ultimately translates into long term opportunities for all stakeholders, and an asset that is geared for growth in value in the future.”

mSquared is a highly specialised retail consultancy company providing retail development, leasing and asset management services to a number of high profile projects and developers throughout the Middle East region, CIS and in Africa. The company currently has responsibility for approximately 7 million square feet of retail development and leasing space, and continues to grow from strength to strength.

The Reem Mall will introduce some completely new brands to the Middle East and will also contain some of the largest hypermarket space in the region. The project is to go through a single-phase construction period that will last around 30 months.

Shane Eldstrom added: “The Reem Mall will offer our customers everything from fashion to film to footwear to fun. The Mall will contain some of the world’s most popular brands and some of the best food and drink establishments available. It will be opening at just the right time whilst Abu Dhabi’s retail and tourism industries are booming and Reem Island alone will be home to around 200,000 people.”

Established in Kuwait in 1973, NREC has grown into one of the largest real estate companies in the region with ventures across the Middle East and North Africa. NREC has assets exceeding US$ 1.9 billion and manages 80 million square feet of land. The organisation houses subsidiaries and entities across a range of countries including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. The portfolio of projects completed or under development, includes office space, mixed use centres, industrial parks, residential communities and super-regional malls. The Reem Mall will be one of the largest and most ambitious projects that NREC has undertaken and more announcements on the Mall’s progress are to be made over the coming period.