Dubai: Aldar has awarded a Dh2 billion contract to a subsidiary of Orascom Construction Industries (OCI), an Egyptian construction giant, for the building of a 235,000 square metre shopping mall on Yas Island.
Six Construct, a subsidiary of the Besix Group, in which Orascom Construction Industries holds a 50 per cent stake, won the five-year contract, which will see the company develop Yas Mall, part of Aldar's 1.2 million square metre plot on the island.
Aldar revealed this month that over 40 per cent of the mall, which will include restaurants, retail outlets and a cinema, had already been let out to retailers.
"Yas Mall will feature 235,000 square metres of retail trading area, housing a hypermarket, concept stores, high street and high-end fashion outlets, a multiplex cinema and family entertainment centre, as well as many of the world's leading retail, restaurant and leisure brands," said Orascom in a statement.
In a previous statement, Aldar Properties had announced it awarded the contract to OCI, without giving the value of the contract.
Aldar's total project is scheduled to be completed by the fourth quarter of 2013.
Aldar chairman Ali Al Muhairi, said: "The [awarding] of the main construction contract for Yas Mall is another key milestone in the strategic development of this significant leisure and entertainment destination that meets the needs of Abu Dhabi."
"As one of the largest retail developments underway in the region, Yas Mall demonstrates once again Aldar's ability to deliver significant projects in line with Abu Dhabi's strategic vision," he added.
Significant experience
Sami Asad, Aldar CEO, said early this month: "We are delighted to announce the appointment of Six Construct to deliver the Yas Mall project.
"[Six Construct] were selected for their significant experience in delivering projects of this scale in Abu Dhabi, the UAE as well as on an international basis."
Craig Plumb, director of research for Jones Lang LaSalle, said that the contract was good news for Abu Dhabi's retail market.
"Abu Dhabi is still underprovided and Yas Mall is one of the major projects that will be a landmark in the emirate," Plumb said.
Orascom, which is Egypt's biggest publicly traded builder, headed for the highest close in almost three weeks after securing the contract for the Yas Island shopping mall.
The shares of the Cairo-based company climbed 2.5 per cent to 226.98 Egyptian pounds (Dh139.36) at 11.22am in Cairo, poised for the highest close since September 26.
The benchmark EGX 30 Index gained 1.2 per cent.
