Nakheel finalises deal to build new Dubai mall
Master developer Nakheel has awarded a contract worth AED595 million ($162 million) for the construction of Nad Al Sheba Mall, a new 1.4 million square foot shopping, dining and entertainment destination.
According to Arabian Business, Nakheel said it has appointed Metac General Contracting Company to build the mall, which will have 200 shops, restaurants and entertainment outlets spread across 500,000 sq ft of leasable space. It is due for completion in 2021.
Nad Al Sheba Mall will have supermarkets – Spinneys and Union Co-op – department stores, a multi-screen cinema, medical clinic, fitness centre and a host of restaurants and cafes.
Located just off Sheikh Mohammed Bin Zayed Road, the mall will be the centrepiece of Dubai’s Nad Al Sheba district, which will feature more than 11,000 villas.
The area includes Nakheel’s own community of 1,572 villas, 468 of which are being built by Metac under an AED781 million contract awarded in 2015. The community has its own clubhouse, pool, sports courts and cycling track. Villas will be available for lease from early 2019.
Nad Al Sheba Mall is part of Nakheel Mall’s AED22 billion expansion that will take its total retail space to over 17 million sq ft.
Nakheel Malls’ portfolio comprises 18 projects, including large-scale malls, souks and neighbourhood retail Pavilions. More than 4.5 million sq ft of shop space is already in operation.