Dhabi Contracting bags AED1.5 billion deal for Nakheel’s Al Khail Avenue
Dubai property developer Nakheel has signed an AED1.5 billion worth deal with Dhabi Contracting for the construction of Al Khail Avenue, a mixed use development retail planned in the emirate.
Nakheel said the construction of its retail, dining and entertainment hub will begin in early October alongside Dubai’s Al Khail Road on the edge of the Jumeirah Village Triangle (JVT) community. Earthworks at the site had been completed in June.
The developer also said it would add a 252-room hotel as well to the complex.
“Directly connected to Al Khail Avenue and its 350 shops, restaurants and entertainment outlets, the 18-storey hotel will feature an all-day restaurant, coffee shop, lounge, outdoor terrace, pool deck gymnasium and car park,” it said.
Spread across two million square feet area, Al Khail Avenue is scheduled for completion in Q1 2019 and it will have more than 1.2 million sq ft of leasable space of which, Nakheel claims, nearly 70 per cent has already been booked.
It said the confirmed outlets include a 14-screen Reel Cinemas complex, a Waitrose supermarket and a wide range of fashion, children’s, home and electronics stores.
“There will also be a multitude of cafes and restaurants, plus a 4,000-space multi-storey car park which can be accessed directly from Al Khail Road.”