Business | Investment
Al Ghurair-Bawadi joint venture to develop Dh10b shopping mall
Bawadi, a member of Tatweer, announced it has joined with Al Ghurair Investment to develop the world's biggest shopping mall, at a cost of Dh10 billion.Phase one will cover 4m square feet of gross leasable area
- Staff Report
- Published: 00:00 May 27, 2007
Dubai: Bawadi, a member of Tatweer, announced it has joined with Al Ghurair Investment to develop the world's biggest shopping mall, at a cost of Dh10 billion.
It is unclear how much Al Ghurair will be investing in the project.
Al Ghurair Investment is credited with setting up the first shopping mall in the Arab world - the Al Ghurair Centre in Dubai.
The new mall is part of the world's largest shopping area, which will offer over 40 million square feet of gross lease-able area.
The shopping area will consist of shopping malls, boutique malls, street shopping and an underground shopping area connecting the Dh200 billion hospitality and leisure zone to become the longest shopping boulevard.
Phase one is set to be completed by 2012, and will cover a gross leasable area of four million square feet within Bawadi.
"This agreement highlights our confidence in Bawadi as one of the most desirable investment opportunities. It also underlines the active role Bawadi will play in meeting the tourism and commercial objectives of the recently announced Dubai Strategic Plan," said Abdullah Al Gurair, Chairman, Al Ghurair Investment.
The innovative and uniquely designed shopping mall will be one of the largest within the biggest shopping area in the world, and will add a new dimension to the variety of services and facilities, Bawadi said in a statement yesterday.
This new project is Al Ghurair's second investment in Bawadi according to Saeed Al Muntafiq, executive chairman of Tatweer.
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