Struggling to become the biggest mall operator in the UAE, Dubai real estate industry giant Nakheel has awarded three contracts for the construction of three new large shopping centers in the emirate.
Under the contracts terms, the total cost of which is more than USD 630 million, the contractors will construct three shopping centers for Nakheel, adding a total of 213,000 square meters to the Dubai retail property stock. More than 6,700 stores, restaurants and cafes will be ready as early as 2018, the developer said.
The biggest contact of three, worth USD 320 million, was awarded to United Engineering Construction (Unec) for the development of the Night Souk in Deira.
Night Souk, which spans over the territory of the four man-made islands off the coast of Old Dubai in Deira, will include 5,600 stores and 96 quayside restaurants and cafes. Total leasable space here comprises 111,000 square meters of commercial property. This complex is so popular among tenants that all units were pre-leased within five days after entering the market.
The second contract, worth USD 211,000, was awarded to the Ginco company, which has to build a similar shopping centre in Dubai’s Warsan Village next to the International City. In addition to shops and restaurants, residential property in form of 433 three bedroom apartments is also planned for construction there.
The third contract, worth USD 96 million, was awarded to Gulf Technical Construction Company. According to this agreement, 40,000 sq m The Circle Mall will be constructed in Jumeirah Village Circle.