75% of Bawabat Al Sharq Mall leased

Press release
Published April 12th, 2011 - 08:52 GMT

Baniyas Investment and Development Company (BID) – the investment arm of the Baniyas Sports Club – has announced that 75% of Bawabat Al Sharq Mall, the state of the art shopping center in the city of Bani Yas has been leased. The company is currently working on the preparations for the grand opening which will be held in August 2011 under the patronage of high profile delegates and in the presence of property owners and valued customers.

Baniyas has also announced that 80% of Souk Al Megnas, a distinctive traditional souk covering 4,500 square meters, has been leased. This souk will be a centre of attraction for a huge variety of customers and will cater to their diversified needs providing them with a unique shopping and dining experience through coffee shops and restaurants, falconry and hawking collections shops, along with the traditional wear, jewellery, Arabic perfumes and souvenir shops.

In his commentary, Wael Tawil, CEO of Baniyas Investment and Development Company said: “We would like to thank everyone who contributed to the completion of Bawabat Al Sharq Mall and we are looking forward to the grand opening in August 2011. We have been very enthusiastic about partnering with our tenants and signing up with key players such as Landmark Group, MH Alshaya Group, Liwa Group, Carrefour Hypermarket, WANASA Family Entertainment Centre and Grand Cinemas, all of which will compliment the dynamic environment that we intend to create in Bani Yas City and enhance the shopping and retail experience in Abu Dhabi.”

Tariq Irfan, Vice President, Property Operations said, “Due to the mixed nature of its facilities and retail activities, Bawabat Al Sharq Mall will cater to the various needs of all age groups and segments of society; it is expected to become a regional shopping hub and entertainment destination for the whole family.”

Carrefour Hypermarket has finished its interior fit-out works and is now ready for the grand opening. In addition to Carrefour Hypermarket, Grand Cinemas and WANASA Family Entertainment Centre, Baniyas Investment and Development has signed agreements with Landmark Group, MH Alshaya Group and Liwa Group. According to these agreements, Landmark Group will occupy 5,757 sq m of retail space; whereas 4,111 sq m and 2,273 sq m of retail space will be occupied by MH Alshaya Group and Liwa Group respectively.

Bawabat Al Sharq mall is part of the BAS Project which spreads over 108 hectares in Bani Yas City. The mall will host over 313 prime retail shops and facilities over two floors covering 70,000 square meters of gross leasable area. Baniyas Investment and Development has announced its participation in Cityscape Abu Dhabi 2011 which will be held from 17th till 20th of April at the Abu Dhabi National Exhibitions Centre (ADNEC). The company will showcase Bawabat Al Sharq Phase II premium Garden Homes and Apartments at Cityscape Abu Dhabi 2011 in Hall 6 stall 6B30.

Background Information

Baniyas Investment & Development

Founded in 2005, Baniyas Investment & Development Company L.L.C (BIDC), a majority owned subsidiary of the Baniyas Sports and Cultural Club, has been an active contributor to the dynamic transformation of the area of Baniyas and Abu Dhabi, moving forward with modernity without ever forgetting the emirate’s rich culture and heritage. As the investment and development arm of the Baniyas Sports and Cultural Club, the company’s core competencies are in the areas of investment, development and management of real estate projects. Currently, the company has an impressive array of opportunities in addition to projects in the pipeline including master planned communities as well as residential and commercial towers in the United Arab Emirates.

 

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