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Abu Dhabi’s Reem Mall project spotlighted at MAPIC retail real estate conference in Cannes

02 - December - 2015

Samuel Sidiqi, Chief Executive Officer of Reem Mall, the new up-and-coming entertainment, leisure, dining and shopping destination in the heart of the new Abu Dhabi, joined a panel of experts to discuss Retail Real Estate in the Middle East at the MAPIC conference in Cannes, France last week.
In this years’ edition, and now in its 21st year since its inception, MAPIC, which gathers the world’s most recognized retail real estate professionals, attracted more than 8,400 international participants including 2,400 retailers and 2,300 property developers from 65 countries. This 3-day annual event dedicated to conferences, exhibitions and networking events, has to date been successful in nurturing innovation, facilitating partnerships and stimulating dialogue among some of the world’s largest retail industry players from around the world. MAPIC is a major industry event, globally recognized as a leading international retail property marketplace. “The conference was an opportunity to not only highlight the ambitions of Abu Dhabi’s Reem Mall project, but to affirm the Middle East as the epicenter of growth for retail real estate projects,” said Mr. Sidiqi.
Despite the challenges in the global oil and gas sector which have as a result adversely affected prices, the region has by-in-large managed to maintain its positioning as a retail hub, reporting growth in some key markets. Retailers and landlords have continued to seek opportunities for expansion throughout the region, while developers have identified locations for new shopping centers, factory outlets and leisure areas. The region continues to witness increased retail property development and mall renovations in major cities across the region.
“The Middle East is leading the way in retail real estate innovation and growth”, said Mr. Siddiqi. “The $1 Billion Reem Mall project is pegged to house more than 450 retailers including 85 restaurants, a hypermarket and the world’s largest indoor snow play park. It is a prime example of such innovation that promises to redefine the concept of the ultimate customer experience”, he added.
Reem Mall currently under development in partnership with Kuwait-based National Real Estate Company (NREC) and United Projects for Aviation Services (UPAC) is expected to open in 2018.