Related Cos. and its partner Gulf Capital plan to build a US$ 1 billion shopping mall focusing on department stores in Abu Dhabi, as per newswires. Gulf Related, the joint venture undertaking the project, is also aiming to construct two towers connected to the mall that would include a 300-room hotel as well as 120 serviced apartments, as per the same sources.
The new project, termed Sowwah Central, is the venture’s second development on the Sowwah island, which would also be the location for a financial district and Abu Dhabi’s stock exchange. The mall, due to be completed in 2017, will be financed by a combination of equity and debt. Gulf Related may assume debt to fund as much as 60% of the development, designed to include cinemas, health clubs and restaurants, as per newswires.
Mena Weekly Monitor – Bank Audi Research