• Home
• /
• Business

Joint venture to build Dh10b shopping mall

DUBAI — Bawadi, a member of Tatweer, has announced a joint venture with Al Ghurair Investment to develop a Dh10 billion ($2.7 billion) shopping mall within, what is set to be, the world's largest shopping zone.

Phase one of the shopping mall is set to be completed by 2012, and will cover a gross leasable area (GLA) of four million square feet. It is Al Ghurair's second investment in Bawadi.

The chairman of Al Ghurair Investment, Abdullah Al Ghurair, said the shopping mall will be one of the largest within the biggest shopping area in the world, and "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".

Executive chairman of Tatweer, Saeed Al Muntafiq, said: "This agreement reflects the keenness of both the companies to help establish Dubai as a prime tourist hub in the region. Our first agreement included Al Ghurair's initial investment of Dh800 million in the Al Maghreb Resort and Spa, which will position Bawadi as a leader in the tourism and hospitality industry providing solid investment opportunities and an encouraging business friendly environment in the region."

The project follows a directive from His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai, to double investments and develop the biggest shopping area in the world on a total area of 40 million square feet at Bawadi, the world's largest hospitality and leisure development.

Al Ghurair Investment is credited with setting up the first shopping mall in the Arab world in Dubai. It owns and manages a diversified business portfolio, ranging from industrial sectors and real estate to banking, retail and shipping.