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ABU DHABI/ WAM
Abu Dhabi Airports announced today a deal between Abu Dhabi Airport Free Zone (ADAFZ) and Abu Dhabi-based Grand Move, to develop a 35,000-square-metre community mall in the new Al Falah district.
The deal, sealed at the BIG5 construction event in Dubai, is structured as a Musataha agreement for a term of 29 years and carries an initial project investment of AED65.3 million.
The Grand Move Group is a real estate organisation that owns several retail brands and a variety of luxury brands that target GCC customer demands for fashion and lifestyle.
Commenting on this new announcement, Maureen Bannerman, Chief Commercial Officer, Abu Dhabi Airports, stated, “We are pleased to announce this Musataha Agreement will contribute to the development of the new Al Falah district, bringing communities together and establishing a local destination for residents with high-quality amenities are at their doorstep. We look forward to announcing more community development plans in the very near future as we see through our wider strategy for this district.”
The project aims to create a distinctive shopping and entertainment area, to serve residents of the Al Falah District and neighbouring areas, but to also become a destination for visitors from other areas. The project master plan includes a hypermarket that houses a Medical Centre and Sports Club, drive-through facilities for fast food restaurants, as well as dine-in options, shops, retail outlets, and coffee shops.
Commenting on the agreement, Eissa Mohamed Al Khameiri, Managing Director of Grand Move, said, “We are thrilled to be developing this new community area for the benefit of residents in and around the Al Falah district. As an Emirati developer, we pride ourselves on working with other high-profile entities, like ADAFZ, to deliver the highest quality retail and FB destinations. Grand Move Real Estate Company has more than 20 years’ experience in the field of real estate development, real estate brokerage and facilities management and we will bring this expertise to deliver an outstanding community district.”