Nakheel is teaming up with Al Nasr Cultural and Sports Club for a mall project in the Al Khawaneej district in Dubai.
With an estimated development value of $82m (AED300m), the planned joint venture will have a built-up area of 72,000m2, including 30,658m2 of leasable space.
It will have parking spaces for almost 700 vehicles, in addition to three floors of retail, restaurant, and entertainment facilities, including a supermarket, a cinema complex, a fitness centre, a fun zone, and a food court.
The project will be managed by Nakheel Malls, which already has 19 retail projects in its portfolio, Dubai Media Office reported.
Commenting on the project, Nakheel chairman Ali Rashid Lootah said: “The new mall at Al Khawaneej will unite the Middle East’s largest retail developer and one of the region’s most prominent sports and cultural organisations.
“We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej. We look forward to building on our ever-growing retail real estate success story with this new venture, and to a long and fruitful partnership with Al Nasr Club.”
Meanwhile, HE Ibrahim Al Fardan, chairman of Al Nasr Investments Company, added: “Al Nasr Sports Club continues to seek distinguished real estate investment opportunities to enhance its project portfolio. This mall is a prime example of our ongoing income diversification strategy.”