The mall is being developed by Gulf Related, the real estate arm of asset management company Gulf Capital, who formed it in partnership with Related Assets, a US-based real estate development firm. The company's work on the mall project comes at a time when it is looking to expand around the region.
Retail continues to offer a fertile area for development in the region.
Lionel Dore, Faithful+Gould's Regional Director - Retail
Lionel Dore, regional director - retail, is currently working on the design phase of the project and commented, "We started work on it last year and we should be hitting the ground next year. It will have a gross leasable area of 140,000m2 and is expected to be completed in 2017. Retail continues to offer a fertile area for development in the region."
The 2013 Global Retail Development Index, a report by consultancy AT Kearney, ranked seven Middle East and North Africa (MENA) countries in its top 30 for retail development opportunities. Saudi Arabia was placed at 16 on the list, with Kuwait at nine and the United Arab Emirates in fifth place. The developing opportunities in Brazil meant that country topped the international list.