Nakheel has awarded construction contracts worth close to AED 2.3 billion (US$ 626 million), across three of its major Dubai, UAE developments.
The Dubai-based developer – noted for ambitious reclamation projects within the emirate, including the Palm Islands, Dubai Waterfront and The World – has confirmed builders for Deira Islands Night Souk, The Circle Mall and Warsan Souk.
The largest contract, awarded to United Engineering Construction LLC (UNEC) for Deira Islands Night Souk and Boardwalk, is valued at AED 1.17 billion (US$ 319 million).
Ginco General Contracting LLC was awarded the AED775 million contract for Warsan Souk, while an AED 354 million (US$ 96.4 million) contract went to Gulf Technical Construction Company LLC for The Circle Mall.
The three developments combined will offer almost 2.3 million ft2 (210,000 m2) of retail space, including more than 6,700 shopping and dining outlets.
Reportedly, the leasable space within the Deira Island Night Souk and Warsan Souk projects was booked within days of its release. The Circle Mall development, situated within Nakheel’s Jumeirah Village Circle community, has half of its 432,000 ft2 (40,150 m2) of retail space still available.
All three projects are due for completion by 2018.
Nakheel, owned by the government of Dubai, now boasts one of the largest retail portfolios in the UAE, with over 10 million square feet of leasable space in the pipeline.