Wednesday, May 30, 2007

Bawadi-Al Ghurair deal plan to build Dh10bn shopping mall

Bawadi, a Tatweer member, has entered into a joint venture with Al Ghurair Investment for development of a Dh.10billion shopping mall.

The first phase of the mall, expected to be complete by 2012, will cover 1.2million sq.mts., of leasable area, according to Tatweer.

The project is the result of a directive from His Highness Sheikh Mohammed Rashid Al Maktoum, the Prime Minister and Vice-President of UAE and the Ruler of Dubai, so as to develop the mall to be the biggest shopping area in the world and thereby to double investment.

Al. Ghurair, the Chairman of Al Ghurair Investment and Saeed Al Muntafiq, Tatweer Chairman also signed the agreement.

Al Ghurair states the agreement basically emphasizes the confidence of Al Ghurair Investments in Bawadi as one of the most sought after investment opportunities and underscores the active role that Bawadi is likely to play to keep up the objectives of commercial and tourism sector as announced in the recent Dubai Strategic Plan.

He added that "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 offered by Bawadi. With this agreement, both companies will seek to bring back the historic Okaz Souq – the first ever retail outlet which existed in the region – as Arabs are known to be the pioneers in this sector."

Al Muntafiq, expressing his confidence in Bawadi, mentioned that their first agreement which included an initial investment of Dh.800million by Al Ghurair in the Al Maghreb Resort and Spa, will position Baswadi to be a leader in the tourism and hospitality industry providing solid opportunities and a supportive business friendly environment.

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