Al Nasr and Nakheel sign an agreement to build a prestigious shopping mall in Al Khawaneej area costing Aed 300 million

Source: Media Center

Al Nasr Investment Company and Nakheel Real Estate Development Company signed an agreement to build and manage an integrated shopping mall in the Al Khawaneej area of Dubai with an investment of AED 300 million in partnership with Al Nasr Cultural & Sport Club.

The mall will have ground floor parking for approximately 700 vehicles and three floors comprising shops, restaurants and leisure facilities including main shops, a supermarket, a cinema complex, a fitness center, a recreation area and a restaurant lounge on a total building area of 775,000 sq ft including the 330,000 sq ft of leasehold space. Managed by Nakheel Malls, the retail subsidiary of Nakheel, the new project will be part of Al Nasr Investment Company's portfolio of diversified investment projects. 

H.E. Ibrahim Al Fardan, Chairman of Al Nasr Investment Company, expressed his confidence that the agreement with Nakheel Real Estate Development Company is in line with the vision and directives of His Highness Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance, President of Al Nasr Cultural & Sport Club, the leading club in the field of investment and sports marketing in United Arab Emirates has a comprehensive strategy and well proven methodology that leads towards self-sufficiency.

Al Fardan explained that Al Nasr Investment company is always keen to seek distinguished investment opportunities and benefit from the legacy of Al Nasr Club and the assets owned by the club, which are the highest value at the state clubs level. He also stressed that Al Nasr investment is on its way towards achieving self-sufficiency and the zero budget that the Dubai Sports Council seeks to establish.

Al Nasr Investment Company manages several successful investment projects, including real estate projects surrounding the club’s building. There are also new buildings and projects on the way.

H.E Ali Rashid Lootah, Chairman of Nakheel Real Estate Development Company, said: "The partnership with Al Nasr Cultural & Sport Club is a source of pride. Nakheel is keen to achieve a long-term partnership with the leading club in the UAE. Al Khawaneej Mall will be the largest retail company in the Middle East to become a vital hub in the Khawaneej area."

The signing ceremony witnessed by Al Nasr Club’s, H.E. Ibrahim Al Fardan, Chairman of Al Nasr Investment Company, Mr. Omar Al Hai Al Maidoor, Vice Chairman of Al Nasr Investment Company and Mr. Abdulbasit Ali, Board Member of Al Nasr Sports Games Company and Supervisor of the Club’s Media Center, it was also witnessed by Nakheel’s , H.E. Ali Rashid Lootah, Chairman of Nakheel,  Mr. Sanjay Manchanda, CEO of Nakheel, Mr. John Davidson, Nakheel Legal Advisor, Mr. Omar Khoury, Executive Director of Nakheel and Mr. Adnan Hajarat, Nakheel Malls Advisor.