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Construction of Abu Dhabi's Al Maryah Central mall gets underway.

Gulf Related announced that construction site preparation work on Al Maryah Central, a 2.3 million

square feet (213,677 square metres) super-regional shopping mall in Abu Dhabi, capital of the United

Arab Emirates (UAE), had started back in June 2015. Vertical construction work was expected to begin

in August.

In a separate statement, the appointed contractor, NSCC International, confirmed it had begun the

site preparation and mobilisation for the construction of foundations and piling works for the

overall Al Maryah Central mixed-use development (which includes the mall). Scope of works

included the installation of 898 rotary bored piles, drilled to depths of up to 75.8 feet

(23.1 metres). The firm reported that their assigned phase of the project, to be built on Al Maryah

Island formerly known as Sowwah Island, was scheduled to complete by August 2015 enabling partial

vertical construction to begin.

The total project cost is quoted at US$ 1.5 billion and Gulf Related will seek to facilitate debt

project financing for construction through Abu Dhabi based institutions. Analysts believe that Abu

Dhabi Commercial Bank (ADCB) is the lender most likely to assume the senior lead role in this

context.

Gulf Related is a joint venture created in 2009 between leading Abu-Dhabi based alternative

investment company Gulf Capital and Related Companies, an American privately owned real estate

firm headquartered in New York City.

A series of project progress statements have been issued by the JV, one of which confirmed that

Brookfield Multiplex had been selected as the main contractor responsible for full construction of

the US$1 billion Al Maryah Central mall development, scheduled for completion in March

2018. Brookfield Multiplex is a well respected international contractor, globally acknowledged

for the rebuild of London's Wembley Stadium; prominent projects completed in the Middle East

include Emirates Towers and The Gate at DIFC, both located in Dubai.

Al Maryah Central mall is to incorporate one of the first Macy's outside of the United States and

the first branch of Bloomingdale's, an American chain of luxury department stores owned by

Macy's, in Abu Dhabi. The US contingent will be joined by twenty luxury specialist stores to be

established by the Dubai headquartered Al Tayer group, as part of a 400-store retail presence on

the island located in Arabian Gulf waters to the north east of the UAE capital.

Additional features at Al Maryah Central will include: 145 restaurants and cafes, a 20-screen

cinema complex, medical centre, creche, health club, public library, and a food market, along with

three rooftop parks.

Subsequent phases of the development are slated to encompass a series of apartments and luxury

residences along with a hotel, housed in two integrated 400,000 square feet (37,161 square metres)

high-rise towers.

Copyright [c] Andy McTiernan. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

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Publication:Andy McTiernan Property & Economy Bulletin
Geographic Code:7UNIT
Date:Aug 5, 2015
Words:471
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