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Dubai: Abu Dhabi-based master developer Aldar Properties on Monday said it has awarded Arabian Construction Co. (ACC) an additional Dh694 million contract to build the luxury shopping mall at Central Market, representing the final element of the Dh4.2 billion re-development of Abu Dhabi's old souq.
This follows an earlier announcement from Aldar Properties in early September that Abu Dhabi's largest contract of Dh2.7 billion had been awarded to ACC for the Central Market Towers.
By adding the retail areas, ACC's contract has been increased to Dh3.4 billion, which sets a new record for the emirate, a statement said.
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 souq, 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 comfortable outdoor space with access to the gardens.
Aldar Properties chief executive officer Ronald Barrott said: "Central Market is a vital project for Abu Dhabi as it will be a hallmark to the UAE. I am confident that ACC will deliver an impeccable product."
Designed by architecture firm, Foster and Partners, the development will capture the attention of a premium market looking for quality in retail brands and sophisticated shopping experience. The total area is approximately 700,000 square metres.
"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 Gassan Merehbi, Chairman of ACC.
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