Nakheel awarded a contract yesterday to design a major new mall on the Palm Jumeirah in Dubai as it seeks to spend more than Dh1 billion (US$ 272.2 million) on an expansion into the retail sector.
The Dubai developer signed a Dh25m deal with RSP architects from Singapore to design the Palm Mall, set to have 83,000 square metres of retail space and be located on the trunk of the development.
The mall joins a growing number of retail projects being built or examined by Nakheel as it tries to diversify its business away from the property market, which has been one of the worst performing sectors in the economy in the past three years.
“Palm residents all very eagerly look forward to a retail product,” said Sanjay Manchanda, the interim chief executive of Nakheel. “It’s a very significant [development] for us as Nakheel. It’s adding to the development of the Palm and bringing more good news and a commitment to our customers in developing sustainable communities.” More info