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Agility, UPAC, and NREC invest $1.2 billion in Abu Dhabi’s Reem Mall

Consortium signs $457 million credit facility

KUWAIT – November 21, 2017 – Agility, UPAC, and NREC, the consortium behind Abu Dhabi’s Reem Mall, a retail, leisure and entertainment destination, announced today that financing for the $1.2 billion project is now complete, by signing the largest real estate asset based facility in the United Arab Emirates in 2017.

“The business climate in Abu Dhabi is one of the things that makes it so attractive to investors. The speed with which Abu Dhabi authorities completed the formalities to proceed with Reem Mall is a great example of efficiency in action,” said Tarek Sultan, CEO, Agility. “The Agility group is making a significant investment in Abu Dhabi because we strongly believe in the Reem Mall project and in Abu Dhabi’s growth prospects.”

Reem Mall, located on Abu Dhabi’s Reem Island, will offer 2 million sq. ft. of leasable area (2.9 million sq. ft. of floor area) comprising 450 stores housing local and international brands, including 85 food and beverage outlets. It will feature education-oriented anchors and family-focused entertainment, including Snow Park Abu Dhabi, a destination attraction.

The project is being developed by Al Farwaniya Property Developments, a partnership between Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations.

To complete the financing, Al Farwaniya signed an agreement for a $457 million senior credit facility. The seven-year credit facility is provided by regional and international banks: Abu Dhabi Commercial Bank (ADCB), Gulf Bank Kuwait, Noor Bank, and Standard Chartered Bank. The facility is subject to final conditions, and is expected to be completed shortly.

Faisal Sultan, Chairman of NREC, said: “Reem Mall is moving forward in an exciting way. It is one of the most significant leisure and retail developments ever undertaken in Abu Dhabi. We look forward to the day it opens its doors to its residents and visitors.”

The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is expected to have a population of 200,000 residents at completion.

 

About Reem Mall

Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The Reem Mall project will comprise 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including Snow Park Abu Dhabi by Majid Al Futtaim.

For more information please visit the website: www.reemmall.ae

Please connect with us on Facebook: facebook.com/reemmall

About Agility
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.1 billion in revenue and more than 22,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support, and commercial real estate services.

For more information about Agility, visit www.agility.com

Twitter: twitter.com/agility

LinkedIn: linkedin.com/company/agility

YouTube: youtube.com/user/agilitycorp

 

About NREC

Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa. Over the years, NREC has grown into one of the largest real estate companies in the region with assets exceeding US$ 1.8 billion. Headquartered in Kuwait, NREC has subsidiaries and developments across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects (completed or under development) includes offices, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and required knowledge in property management of commercial complexes and shopping centers.

For more information please visit the website: www.nrec.com.kw

About UPAC

Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.

For more information please visit the website: www.upac.com.kw

About Reem Developers

Headquartered in Abu Dhabi, Reem Developers is one of the key developers in the capital, contributing to the city’s cosmopolitan skyline in alignment with the Abu Dhabi 2030 vision. A subsidiary and real estate arm of the prestigious Reem Investments, Reem Developers delivers immaculate quality projects, leaving a mark on the city with creative, efficient and functional design. With a diverse portfolio of successful projects, Rawdhat, Najmat and Nalaya villas are a few that have redefined vibrant living and tranquil bliss in one setting. A blend of natural beauty and modern innovation, these projects rise to the forefront with their conceptual essence, highlighting the distinguished standard Reem Developers produces.

About Najmat

Najmat, a 165 hectare Manhattan-like township covers 20% of Reem Island. Najmat will be home to residential and commercial towers and will also feature a marina, canal, waterfront promenades, hotels, shopping malls, schools, healthcare facilities, mosques, parks and ample open spaces. The first two of three infrastructure phases are complete and development is currently underway.

 

Posted in Agility General Update

Reem Mall Group Names Construction Contractor

Announcement follows completion of financing for world-class $1.2 billion retail and entertainment destination

KUWAIT – November 27, 2017 – The Reem Mall consortium today announced the appointment of Itinera Ghantoot, a UAE-Italy joint venture, as lead contractor on the $1.2 billion shopping, leisure and entertainment project.

Itinera Ghantoot is a joint venture between Itinera, one of Italy’s largest construction companies, and Ghantoot, one of the UAE’s leading builders, which has extensive experience in Abu Dhabi and the Emirates.

The group backing Reem Mall announced on 21 November that it had signed a $457 million senior credit facility to complete financing on the project, a mega-mall of 450 stores and food and beverage outlets spread over 2.9 million square feet in the Najmat District of Reem Island. The mall will offer education attractions and family-focused entertainment such as Snow Park Abu Dhabi.

The project is being developed by Al Farwaniya Property Developments, a partnership between three Kuwait-based companies: Agility, Agility affiliate United Projects for Aviation Services Company (UPAC), and National Real Estate Company (NREC). Together, the companies bring a sound financial base, deep experience in asset management and commercial real estate development, and a track record of successful mall operations to the planned mega-mall project.

Shane Eldstrom, CEO of Al Farwaniya Property Developments, said: “This is a major milestone toward delivery of Abu Dhabi’s new lifestyle, retail and entertainment destination. We are very excited about working with the Itinera Ghantoot JV. We are confident that they will perform work of the highest quality and deliver a mall that Abu Dhabi and the wider UAE can truly be proud of.”

Ghantoot is one of the Middle East’s leading construction, development and service groups, specializing in civil engineering, electrical projects, road construction and transport and marine services. Itinera is responsible for construction of showcase projects across the USA, Latin America, Europe, and Africa. The Reem Mall contract follows Itinera’s success with Il Centro mall in Arese, Italy, one of Europe’s 10 largest shopping centres. Il Centro received the MAPIC Award for the Best Shopping Mall in the World in 2016.

Massimo Malvagna, CEO of Itinera, said: “This prestigious contract to build Reem Mall rewards Itinera’s skills and know-how in highly complex civil and industrial building projects that have architectural, commercial, and social value. We are proud to participate in this initiative and to partner with Ghantoot, which has a global reputation for finding the creative solutions to complex projects. Together, we will be able to deliver something special for Abu Dhabi.”

Manea Ali Al Balooshi, Managing Director of Ghantoot Transport and General Contracting said, “We are always looking for ways to turn imaginative ideas into leading products and services and it is an honour for us to work alongside the distinguished Itinera for the successful development of Reem Mall. We look forward to delivering this iconic retail establishment to Abu Dhabi in the timeliest manner.”

The Reem Mall site is located in the Najmat District on Reem Island, the residential and commercial master development by Reem Developers. Reem Island is planned to have a population of 200,000 at completion.

About Reem Mall

Reem Mall is Abu Dhabi’s major new retail, leisure, dining and entertainment destination. The Reem Mall project will comprise 450 stores, including 85 F&B outlets and a range of family-focused entertainment offerings including Snow Park Abu Dhabi by Majid Al Futtaim.

For more information please visit the website: www.reemmall.ae

Please connect with us on Facebook: facebook.com/reemmall

 About Agility
Agility brings efficiency to supply chains in some of the globe’s most challenging environments, offering unmatched personal service, a global footprint and customized capabilities in developed and developing economies alike. Agility is one of the world’s leading providers of integrated logistics. It is a publicly traded company with more than $4.1 billion in revenue and more than 22,000 employees in over 500 offices across 100 countries. Agility’s core commercial business, Global Integrated Logistics (GIL), offers air, ocean and road freight forwarding, warehousing, distribution, and specialized services in project logistics, fairs and events, and chemicals. Agility’s Infrastructure group of companies manages industrial real estate and offers logistics-related services, including e-government customs optimization and consulting, waste management and recycling, aviation and ground-handling services, support to governments and ministries of defense, remote infrastructure and life support, and commercial real estate services.

For more information about Agility, visit www.agility.com

Twitter: twitter.com/agility

LinkedIn: linkedin.com/company/agility

YouTube: youtube.com/user/agilitycorp

About NREC

Established in Kuwait in 1973, NREC is a publicly listed real estate and investment company with a presence in the Middle East and North Africa. Over the years, NREC has grown into one of the largest real estate companies in the region with assets exceeding US$ 1.8 billion. Headquartered in Kuwait, NREC has subsidiaries and developments across the MENA region, including the UAE, Egypt, Jordan, Iraq, Lebanon, and Libya. NREC’s portfolio of projects (completed or under development) includes offices, mixed use centers, industrial parks, residential communities and super-regional malls. In addition to a strong track record in property development, NREC brings experience and required knowledge in property management of commercial complexes and shopping centers.

For more information please visit the website: www.nrec.com.kw

About UPAC

Established in 2000, publicly listed on Boursa Kuwait, and headquartered in Kuwait, UPAC is a leading commercial real estate and facilities management company with a specialization in Build Operate Transfer (BOT) initiatives. Its services cover project management and consultancy, real estate development as well as property and facilities management. UPAC manages over 24,000 sqm of commercial space at the Kuwait International Airport, Sheikh Saad Terminal and other prominent locations within the country.

For more information please visit the website: www.upac.com.kw

About Itinera

Founded in 1938, Itinera is one of the leading companies in Italy and around the world in the construction of large infrastructure projects and in the development of greenfield concession projects.

Itinera is part of the Gavio Group, the world’s fourth largest operator in toll motorways with approximately 3,320 km of network since the 1960s, and is present worldwide from the USA to Latin America, Europe, Africa and Middle East.

For more information please visit the website: www.itinera-spa.it

About Ghantoot Group

Ghantoot Group is the region’s leading construction, development and service group specializing in civil engineering, electrical projects, road construction and transport and marine services. From civil works to electrical projects, marine works to landscaping and irrigation, pharmaceuticals to interior designing, Ghantoot Group has always been dedicated in turning imaginative ideas into leading projects and services.

For more information please visit the website: www.ghantootgroup.com

About Reem Developers

Headquartered in Abu Dhabi, Reem Developers is one of the key developers in the capital, contributing to the city’s cosmopolitan skyline in alignment with the Abu Dhabi 2030 vision. A subsidiary and real estate arm of the prestigious Reem Investments, Reem Developers delivers immaculate quality projects, leaving a mark on the city with creative, efficient and functional design. With a diverse portfolio of successful projects, Rawdhat, Najmat and Nalaya villas are a few that have redefined vibrant living and tranquil bliss in one setting. A blend of natural beauty and modern innovation, these projects rise to the forefront with their conceptual essence, highlighting the distinguished standard Reem Developers produces.

About Najmat

Najmat, a 165 hectare Manhattan-like township covers 20% of Reem Island. Najmat will be home to residential and commercial towers and will also feature a marina, canal, waterfront promenades, hotels, shopping malls, schools, healthcare facilities, mosques, parks and ample open spaces. The first two of three infrastructure phases are complete and development is currently underway.

Posted in Agility General Update

Agility is First Forwarder to Achieve QEP Expert° Status

Agility is the first freight forwarder to receive QEP expert° accreditation from Envirotainer for its cold chain management of pharma and life sciences products.
The QEP expert° accreditation applies to Agility’s operations at the EuroAirport in Basel, Switzerland, where Agility runs a Pharma Competence Centre (PCC) that manages global, temperature-controlled transportation as well as cold chain solutions for pharmaceutical products. The PCC handles more than 20,000 temperature-controlled shipments per year. [Read more…]
Posted in Agility General Update

Agility Launches New Daily Road Freight Connection between Germany and Spain

We are pleased to announce that Agility Road Freight Europe has started to operate a daily road freight connection between Germany and Spain as of September 1, 2017.

Customer benefits include:

  • Daily road freight connection between Stuttgart, Germany and Barcelona, Spain for groupage and LTL shipments
  • A reliable and competitive road freight service linking these major European trade zones in just 48 hours

Contact your local Agility office for more information.

Posted in Agility General Update

Service Update: Hurricane Harvey

The south east coast of Texas has been battered by Hurricane Harvey since Friday, August 28, when the storm made landfall from the Gulf of Mexico. Although Houston was not in the direct path of the storm, the city has been devastatingly impacted by widespread flooding caused by torrential rains. Agility’s Houston branch office is closed and will remain closed until September 4.

For the latest information on Agility shipments, please contact your account manager or email marketing@agility.com.

Posted in Agility General Update

2017 Agility Mid-Year Emerging Markets Review

Today, we launched the first-ever Agility Mid-Year Emerging Markets Review, a report that looks at how the UK’s Brexit and India’s economic reforms are changing supply chains and their potential impact on emerging markets.

The report offers detailed analysis of the difficult path ahead for the UK and the consequences of Brexit for emerging markets and other UK-EU trading partners. It also takes a close look at the rapid reshaping of India’s logistics market amid the move to a single tax, known as GST, and the surprise removal of bank notes from circulation.

Read the full report here.

Posted in Agility General Update

Agility settles legal case with U.S. government.

Read media statement.

Posted in Agility General Update

Agility reports 17% Q1 EBITDA boost and 11% net profit increase

Agility, a leading global logistics provider, today reported earnings of 12.7 fils per share on net profit of KD 14.6 million, an increase of 11.4% over the same period in 2016.

Agility reported EBITDA of KD 30.8 million, a 17.4% increase, along with revenue of KD 320.5 million, a 7.3% increase over Q1 2016. The results represent the fifth consecutive quarter of double-digit growth in Agility’s EBITDA, in line with the company’s long-term guidance.

“Our performance has been driven by strong growth in our Infrastructure companies in emerging markets and by the steady progress we have made in improving the underlying fundamentals of our commercial logistics business,” said Tarek Sultan, Agility Vice Chairman and CEO. “We remain on track to achieve our target of $800 million in EBITDA by 2020.” [Read more…]

Posted in Agility General Update

Agility Expands Contract Logistics Footprint in Singapore

Deepens high-end service offering for manufacturers, retailers, e-commerce customers

SINGAPORE – March 20, 2017 – Agility, a leading global logistics provider, acquired a two-story warehouse close to Changi International Airport, giving it more than 600,000 square feet of warehouse space in total in Singapore.

The newly acquired 177,000-square-foot warehouse is located in an area with access to an array of logistics services and two major expressways. Agility has operated in Singapore for more than 40 years and employs more than 400 people there. It owns four other warehouses in Singapore. [Read more…]

Posted in Agility General Update

Agility India Opens Life Sciences Center in Hyderabad

Facility will serve fast-growing Indian life sciences exporters, offers partnership with va-Q-tec

HYDERABAD, India – Feb. 3rd, 2017 – Agility, a leading global logistics provider, has opened the first temperature-controlled life sciences storage and handling facility in the Hyderabad Airport Zone.

Agility’s 6,000-square-foot Life Sciences Excellence Center (LSEC) at Rajiv Gandhi International Airport is strategically placed to serve pharma manufacturers in Hyderabad, Goa, Pune, Vishakhapatnam and Bangalore. The centre will provide conditioning, preparation and storage of pharmaceutical goods and operate as a control tower for Agility life sciences customers in India. [Read more…]

Posted in Agility General Update