Abu Dhabi Airports has announced a deal between Abu Dhabi Airport Free Zone (ADAFZ) and Grand Move, to develop a 35,000sq m 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 $17.8M.
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.
Maureen Bannerman, Chief Commercial Officer, Abu Dhabi Airports, said: “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.
