ALDAR awards final tranche to ACC for its AED 4.2bn Central Market Development
ALDAR Properties, Abu Dhabi’s largest real estate development firm, has awarded Arabian Construction Co (ACC) an additional AED 694 million contract to build the luxury shopping mall at Central Market, representing the final element of the AED 4.2bn re-development of Abu Dhabi's old souk.
This follows on from ALDAR Properties announcement in early September that Abu Dhabi’s largest contract at AED 2.7 billion had been awarded to ACC for the Central Market Towers. By adding the retail areas, ACC’s contract has been increased to AED 3.4 billion, which sets a new record for the Emirate.
Central Market is ALDAR's project in the heart of the Central Business District of Abu Dhabi. The development will create a premier ‘city centre’ hot spot for Abu Dhabi, delivering a fashionable city within a city. The souk, which will be located on the Corniche side of Khalifa Street, will connect to the rest of the Central Market development including the 382-metre high residential tower, the tallest tower on Abu Dhabi’s skyline. The new retail development will provide a unique, modern high-end retail experience. The roof will feature a garden terrace, offering high quality comfortable outdoor space with access to the gardens.
ALDAR Properties CEO, Ronald Barrott commented, "The re-development of the central souk area of Abu Dhabi is a significant project for ALDAR Properties. Central Market is a vital project for Abu Dhabi as it will be a hallmark to the UAE, as the development in the heart of its capital city. I have every confidence that ACC will deliver an impeccable product."
“ACC initially built Abu Dhabi’s Central Market in 1971, and we are very proud to have been awarded the contract for its redevelopment 36 years later” said Ghassan Merehbi, Chairman of ACC.
Tim Verdon of EC Harris, the appointed Project Managers for Central Market, stated, "The award of the retail package to ACC is another landmark for the Central Market Project and has followed weeks of intensive negotiations in an open atmosphere of trust and partnering. Following ALDAR's lead, we have developed a model procurement strategy that creates a win-win environment and builds relations that will hopefully follow on to project delivery."
Designed by the world renowned International Architecture Firm, Foster and Partners, the development will capture the attention of a premium market looking for quality in retail brands and a sophisticated shopping experience. The mixed use development includes a 5 storey basement car park, 88 storey residential tower, 58 storey 5 star hotel, 58 storey office tower, 16 storey 4 star business hotel, souk, extensive retail outlets, external works and landscaping. The total area is approximately 700,000 square meters.