Dubai’s Nakheel forms JV with Al Nasr Cultural & Sports Club for $82m mall

Dubai developer Nakheel has announced a joint venture partnership with and Al Nasr Cultural & Sports Club for a Dhs300m ($81.67m) mall in the city’s Al Khawaneej district.

The facility will have a total built up area of 775,000 square feet with 330,00sqft of leasable space across three floors.

It will include shops, restaurants and entertainment outlets, a supermarket, a cinema complex, a fitness centre, a fun zone and a food court, along with 700 parking spaces.

“The new mall at Al Khawaneej will unite the Middle East’s largest retail developer and one of the region’s most prominent sports and cultural organisations,” said Nakheel chairman Ali Rashid Lootah.

“We are proud to team up with Al Nasr Club to create what will become the vibrant centrepiece of Al Khawaneej.”

Al Nasr Investments Company chairman Ibrahim Al Fardan said the joint venture was part of a wider income diversification strategy.

A similar partnership was announced last year by UAE malls and retail group Majid Al Futtaim and Abu Dhabi’s Al Jazira Sports and Cultural Club for a Dhs1.4bn ($381.1m) shopping centre.

Read: Majid Al Futtaim begins work on new Dhs1.4bn mall in Abu Dhabi

Nakheel has 19 other retail projects under construction spanning 17.5 million square feet of leasable space.

Read: Dubai’s Nakheel awards $1.14bn contract for ‘Middle East’s largest mall’

Last month it entered another joint venture with Sharjah Investment and Development Authority (Shurooq) for its first project outside Dubai.

Read: Dubai’s Nakheel enters Sharjah JV for $20m retail centre

Lootah has said similar mall projects outside of the company’s home market are also planned.

Read: Developer Nakheel plans new malls outside of Dubai

Nakheel reported a 5 per cent increase in first quarter profit last week to Dhs1.55bn ($422m).

Read: Dubai’s Nakheel reports 5% profit increase despite fewer handovers