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Abu Dhabi: Al Maryah Central, the new mixed use development in Abu Dhabi is on track to be finished by March 2018 with construction work in full swing, the Chief Operating Officer of Gulf Related company that is developing the project said.
“We are going to open it on time despite some regional challenges. The construction work is on at the moment with a number of structures getting completed,” said Kevin Ryan, Chief Operating Officer and Managing Director of Gulf Related.
He said the construction of two additional towers that would form part of the sprawling shopping centre will be taken up later this year.
“We are planning two additional towers, one being a residential tower and another one a residential and hotel property that will be opened in 2019. Money will be raised this year to build these towers,” he added.
Mubadala keen on expanding Al Maryah project
Gulf Related, a joint venture between Abu Dhabi based Gulf Capital and the US based Related company is investing $1.05 billion (Dh3.8 billion) in the development of the project that is coming up at Al Maryah Island.
Once completed, the project will have 400 stores, 90 food and beverage outlets, a 20-screen cinema, a public library and three roof top parks apart from residential apartments and a hotel.
The highlight of the project would be the presence of Macy’s first international store outside the US and the opening of Bloomingdale’s first departmental store in Abu Dhabi.
When asked whether there is still demand for new shopping malls in Abu Dhabi, he said the outlook is positive and they want to be a dominant player in the market.
“We are still seeing good demand in retail but its bit more challenging as things slowed down a little bit and we have to negotiate tightly in terms of final deals.”
“We should be the market dominant once we open in two years with good location, quality, mixed used component and access.”
Last year, the company secured Dh2.3 billion financing for the project from Abu Dhabi Commercial Bank. It is planning to raise additional money this year for the two towers.
Source: Fareed Rahman, Senior Reporter, gulfnews.com