Nakheel awards retail construction deals

expat network

Nakheel awards retail construction deals

The Dubai developer Nakheel has awarded construction contracts worth Dhs 2.3bn for three of its retail projects in Dubai, UAE.

The company has confirmed the builders of Deira Islands Night Souk, Warsan Souk and The Circle Mall. Combined the three projects comprise nearly 2.3 million square feet of retail space and over 6,700 shopping, dining and entertainment outlets.

The contract to build Deira Islands Night Souk and boardwalk has been awarded to United Engineering Construction LLC. The deal is valued at Dhs 1.17bn, the developer said. Deira Islands Night Souk will stretch almost 2 km along Deira Islands’ waterfront and boast 5,300 shops and nearly 100 quayside cafes and restaurants. The Night Souq, set to open by 2018, will also be located close to Deira Mall, Nakheel’s other major retail project at the islands.

The Dhs 775m contract to build Warsan Souq, another major retail project planned close to International City, has been awarded to Ginco General Contracting. The project is a new retail complex with 1,170 shops including two department stores and 30 cafes and restaurants with indoor and outdoor dining. Already fully leased and due for completion in 2018, Warsan Souk forms part of Nakheel’s Warsan Village gated community of 934 homes that are currently under construction.

Nakheel also announced the awarding of the Dhs 353.75m Circle Mall contract to Gulf Technical Construction Company. Located at Jumeirah Village Circle, The Circle Mall will have 432,000 square feet of retail space. It will include 235 shops, a multi-screen cinema, a health clinic, a multitude of cafes and restaurants and a food court. The mall is scheduled to be completed by 2018.

Government-owned Nakheel, like other developers, is diversifying into retail to complement its residential developments and maintain demand for its properties.

The firm’s retail portfolio includes 10 new large-scale retail developments and a number of smaller community centres close to its residential projects.

In total, the company has over 11 million square feet of leasable retail space in the pipeline. This comes in addition to the 2.5 million square feet already in operation at its Dragon Mart and Ibn Battuta Mall developments.

Source: www.gulfbusiness.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.